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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 
ECA official urges robust dev’t planning
for Africa’s successful transformation 

ADDIS ABABA, (Xinhua) -- The UN Economic Commission for Africa (ECA) on Tuesday urged African countries to commit to rigorous development planning for the successful transformation of the continent’s economy.

Antonio Pedro, Director of ECA’s Central Africa Office, said on Tuesday at an ECA meeting that African countries need a robust development planning apparatus entrenched through strong statistical evidence to take the countries to the middle-income bracket level, which would lead them to prosperity and structural transformation.

“We are convinced that the law of the market, called ‘the invisible hand’ in economics, which advocates ‘laissez-faire’ and ‘laissez-aller’, cannot by itself promote diversification, industrialization and the structural transformation of our economies,” Pedro said.

Pedro further urged African countries to aim for structural transformation activities with a marked change in the components of moving factors of economic production, notably labor and capital.

He also emphasized the need to effectively plan towards shifting from lower level productivity sectors such as mere subsistence agriculture and extraction of raw materials to higher level productivity sectors mainly the manufacturing sector, other industries as well as quality services. 

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