This could be 'African decade': Goldman Sachs's O'Neill

Google – AFP, 9 April 2013

Jim O'Neill speaks at the Confederation of British Industry annual conference 

in London on November 21, 2011 (AFP/File, Adrian Dennis)

CAPE TOWN — Fast growing Africa could be a dominant force in the world's economic landscape for decades to come if the continent gets its act together, top Goldman Sachs economist Jim O'Neill said Tuesday.

Africa was "one part of the world that has got a very high growth rate that is accelerating," said O'Neill, the firm's asset management chairman, pointing to a forecast of six percent growth this decade.

But to harness the boom, African leaders must improve technology, education and the rule of law, including reducing corruption, he said.

"If all of those things happen, this is going to be Africa's decade," he told an African Venture Capital Association conference.

Responsible for coming up with the BRIC acronym -- the Brazil, Russia, India and China grouping -- O'Neill has questioned South Africa's inclusion in the grouping among its bigger partners.

A role for South Africa was to act to allow the continent to "economically behave as one" through infrastructure and trade links, he said.

"Because if it can, then my goodness me, it is not only the next decade, it is going to be the next three or four."

On BRICS, he said the development bank was potentially the "first real sign" of joint action by the political leaders of the grouping.

"South Africa has a big role to play and probably quite a responsibility in being some kind of genuine gateway to helping the rest of Africa become more successful," he said.

"The scale of the changes that are going on means that sometime this decade, probably in the next two years, the BRICS countries collectively will become bigger than the US."

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"The End of History"- Nov 20, 2010 (Kryon channeled by Lee Carroll) - (Text-Version)

" .... Africa

Let me tell you where else it's happening that you are unaware - that which is the beginning of the unity of the African states. Soon the continent will have what they never had before, and when that continent is healed and there is no AIDS and no major disease, they're going to want what you have. They're going to want houses and schools and an economy that works without corruption. They will be done with small-minded leaders who kill their populations for power in what has been called for generations "The History of Africa." Soon it will be the end of history in Africa, and a new continent will emerge.

Be aware that the strength may not come from the expected areas, for new leadership is brewing. There is so much land there and the population is so ready there, it will be one of the strongest economies on the planet within two generations plus 20 years. And it's going to happen because of a unifying idea put together by a few. These are the potentials of the planet, and the end of history as you know it.

In approximately 70 years, there will be a black man who leads this African continent into affluence and peace. He won't be a president, but rather a planner and a revolutionary economic thinker. He, and a strong woman with him, will implement the plan continent-wide. They will unite. This is the potential and this is the plan. Africa will arise out the ashes of centuries of disease and despair and create a viable economic force with workers who can create good products for the day. You think China is economically strong? China must do what it does, hobbled by the secrecy and bias of the old ways of its own history. As large as it is, it will have to eventually compete with Africa, a land of free thinkers and fast change. China will have a major competitor, one that doesn't have any cultural barriers to the advancement of the free Human spirit.. ...."