GDP of African countries?

GDP of African countries

A woman carries fruit to sell in the market on World Food Day in Lagos, Nigeria. The UN's Food and Agricultural Organization is marking World Food Day to highlight the importance of global food security. The FAO said hunger is declining in Asia and Latin America but is rising in Africa. One in eight people around the world goes to bed hungry every night.A woman carries fruit to sell in the market in Lagos, Nigeria. Photograph: Sunday Alamba/AP

Two years ago Ghana's statistical service announced it was revising its GDP estimates upwards by over 60%, suggesting that in the previous estimates about US$13bn worth's of economic activity had been missed. As a result, Ghana was suddenly upgraded from a low to lower-middle-income country. In response, Todd Moss, the development scholar and blogger at the Center of Global Development in Washington DC, exclaimed: "Boy, we really don't know anything!"

Shanta Devarajan, the World Bank's Chief Economist for Africa, struck a more dramatic tone. In an address to a conference organised by Statistics South Africa, he called the current state of affairs "Africa's statistical tragedy".

How good are these numbers?

My book – Poor Numbers: how we are misled by African development statistics and what to do about it – presents a study of the production and use of African economic development statistics. All of the central questions in development revolve around the measure of the production and consumption of goods and services. This is expressed in an aggregate composite metric called the Gross Domestic Product, which is used to rank and rate the wealth and progress of nations. It is the most widely used measure of economic activity, yet little is known about how this metric is produced and misused in debates about African economic development.

For a number of years now I have been trying to answer the question: How good are these numbers? The short answer is that they are poor. This is not just a matter of technical accuracy – the arbitrariness of the quantification process produces observations with very large errors and levels of uncertainty. This "numbers game" has taken on a dangerously misleading air of accuracy, and the resulting figures are used to make critical decisions that allocate scarce resources. International development actors are making judgments based on erroneous statistics. Governments are not able to make informed decisions because existing data are too weak or the data they need do not exist.

See also:
  • dumps shop
  • TEKLYNX - barcode and label design solution.
Source: www.theguardian.com
RELATED VIDEO
Top 10 Richest African Countries 2015
Top 10 Richest African Countries 2015
Highest Lowest GDP per capita countries by continent YouTube
Highest Lowest GDP per capita countries by continent YouTube
Top 30 Richest Countries in Africa by GDP Nominal
Top 30 Richest Countries in Africa by GDP Nominal
RELATED FACTS
Share this Post

Related posts

Per capita income of African countries

Per capita income of African countries

NOVEMBER 19, 2019

Africa is regarded as the biggest continents in the world because of its large land area but not in case of economic wealth;…

Read More
GDP of African countries 2014

GDP of African countries 2014

NOVEMBER 19, 2019

On Sept. 30, Kenya announced the results of its “rebasing”—a recalculation of its gross domestic product to include previously…

Read More