KEYNOTE ADDRESS_OXFORD Forum by Dr. Louis Kasedende – STRUCTURAL TRANSFORMATION AND ECONOMIC GROWTH

In contrast, the developing economies of East Asia and the Pacific, starting at about the same level of average real per capita income in 1960, averaged 6.8 percent annual real per capita income growth during 1990-20201, realising average real GDP per capita of USD 11,129 in 2020, seven times that of SSA, with Singapore, China and Japan reaching the high of USD58,056, USD10,430 and USD34,366 in 20. [...] The important role of the agricultural sector in contributing to food security and the economy generally, is reflected in its prioritisation in the development agenda. [...] Critical to the implementation of these policies is the need to the strengthen institutions and for SSA to address governance issues that may introduce distortions and constrain individual countries or regions in attaining the full benefits of the structural policies. [...] Given past and current trends in economic growth and structural transformation in SSA and East Asia, as well as the differences in strategy, a radical reappraisal of the merits of market-oriented policies in SSA is warranted. [...] Given the current cross-country differences among the countries in terms of approach and status of development, it is unlikely that the SSA can, in the short-term, have most of the countries unifying or harmonising their approaches to development.