Speaking in Ethiopia, Professor Jeffrey Sachs says the next four decades are pivotal for Africa.

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On December 12, 2023, in Addis Ababa, the Office of the Prime Minister initiated the inaugural “Perspectives” – PMO Occasional Lecture Series, featuring the esteemed international economist, Professor Jeffrey Sachs. During the event, Professor Sachs expressed optimism, stating that the next four decades will be crucial for Africa’s development.

Addressing high-ranking government officials, diplomatic representatives, and other distinguished guests at the Science Museum, Professor Sachs emphasized Africa’s growth potential over the next 40 years. He firmly believes that this upcoming period will be pivotal for Africa’s development, predicting significant progress within the next decade.

Professor Jeffrey sacks speaking in Addis Ababa about Africa’s tremendous economic growth potential

Drawing parallels between Ethiopia and China, Professor Sachs highlighted China’s remarkable economic growth, averaging 10 percent annually for four decades. Professor Sachs expressed confidence that Ethiopia can replicate this growth phenomenon, sustaining and potentially surpassing it over the next four decades. The lecture, organized by the Office of the Prime Minister, centered on the theme “Financing Sustainable Development: Challenges and Prospects in a Fragmented World. Top of Form

Speaking on issues of financing for development, Professor Sachs criticized multilateral development banks, such as the IMF as well as private investors for their inability to consider the long term nature of investing in developing countries of Africa. He sated, “A high flow of quality investment lending carried out over a period of 30 to 40 years is what is is needed to make a lasting impact in Africa.”

Professor Sachs who is a distinguished professor at New York’s Columbia University has been a strong advocate for multilateralism and economic convergence in the developing word. He has recently called for greater investment and debt relief in Africa. He praised Ethiopia’s diplomatic as well as economic efforts to overcome tremendous external and internal challenges.

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