In contrast, de-linking from the global economy leads to marginalization and condemns countries to slow growth. This is painfully demonstrated by the past experiences of African countries. By 1995 this share had fallen to 1.4 per cent. In addition, many countries in Africa attract virtually no inward investment. Ensure stable macroeconomic foundations.
Macroeconomic stability is an old lesson, but one which remains fundamentally important.
Worryingly there has not been sustained improvements in these areas. Liberalize trade, but with care. In order to participate more in international trade, African countries will need to further liberalize their trade regimes. But, more care will need to be taken regarding the sequencing, pace and phasing of trade liberalization. Use regional dynamism as a stepping-stone.