That is why I gave you statistics on Agricultural growth and the link to check other sectors...including industries which is also growing at 7% as stated by the CIA page.I'm not in denial on how mch money the mining brings in the coffers and how it boosts the number on the paper..
But, It's simple. agroculture employs masses, Mining not that many people.
The economy is not just about growth. You have to look at the details of that growth and the social economic impact it has on the overall economy.
The social economic impact in Ethiopia is far greater than that in Tanzania.
You are right...Im clueless about Tanzania's state of economy. LOLThat is why I gave you statistics on Agricultural growth and the link to check other sectors...including industries which is also growing at 7% as stated by the CIA page.
Oh yes I know about social economic impact and trust me, the Tanzania of today is way different than Tanzania of a decade ago....we have had real growth not paper growth economy. I don't know much about Ethiopia social economic impact...but I know you are uninformed and lack knowledge of Tanzania economic growth as you evidenced by presuming we depend on mining for our growth.
No, it's not a SSC fact. It's real life fact.....It's actually a SSC that Africa is rising when it isn't. sadlyGo Moz! :cheers: Most of our growth is not related to mineral commodities. That's a big SSC misconception but IDGADF...I actually CAN'T wait till we start pumping the damn gas.
What factual info are you basing that statement on when you don't even live here for decades. :lol: Really, I need to understand what you mean by "not rising"... do you mean it's in a state of inactivity and stagnation or that it's just not growing to its full potential yet. The latter is not news to anyone who understands a bit of economics. Unfortunately our governments have failed to focus on key areas to achieve more pro-poor growth like education, rural infrastructure, and agricultural development but that doesn't mean there are no concrete changes. Like Raindrops said, the Africa of today is different than what it was in 1998 for example.It's actually a SSC that Africa is rising when it isn't. sadly
If that is true about the 5-6% agric growth then thats good news.Do you know how much mining contributes towards our overall GDP?
GDP - composition, by sector of origin:
services: 47.4% (2013 est.)
Your point doesnt hold water my friend.
Check out more Tanzania's economy stats here: https://www.cia.gov/library/publications/the-world-factbook/geos/tz.html
Services is the key to Tanzania's growth,this include telecommunications, real estate, tourism and others.
Not that there is anything wrong towards having mining as a key component of economic growth but in case of Tanzania, the mining act 2010 hasn't started providing overall fruition just yet
Tanzania is not DRC or Angola or Nigeria...we don't have oil and our decade long economic growth has never been based on minerals...many uninformed people presume that's the case.
The 2010 Mining Act will have more effects from 2015 onwards when the sector is expected to contribute 10-15% to GDP by 2020, then we shall really have an exploding economic growth..I expect it to be over 15% from 2018.
Remember, Tanzania's agriculture production has also been expanding annually at a steady rate of 5-6%.
Do you have anything to support your position that SA is the most diversified 'formal' economy. And can you explain that word? And to the idea that africa isn't rising as you say. You're throwing around numbers with no support for them. You're speaking about SSA like a typical foreigner but lumping all the countries togetherNo, it's not a SSC fact. It's real life fact.....It's actually a SSC that Africa is rising when it isn't. sadly
South Africa is the only heavily diversified and largest formal economy on the continent, followed by North Africa.
When you have 6-8 ppeople out of 10 employed by sustence agroculture, imports almost all processed/manufactured goods, more than 80% informal economy etc... That is not anything to be happy about.
Africa or any will never rise if it doesn't industrialize.