6 - Economy, Socioeconomic Development, and Development Cooperation

Summary

Building on Chapter 5 and embedded in a discussion of two competing paradigms – Africa as “hopeless” and “hopeful” continent – this chapter deals with the economic and socioeconomic situation after 2000. It discusses various geopolitical and economic changes that took place since then, including the rise of China and efforts to give the continent a “big push”, which culminated in the “Year for Africa” 2005. It shows that there have been more trading partners, more consumption, more foreign direct investment, more private economic activities, more efforts against corruption, and leapfrogging. The chapter also discusses the shape and importance of the informal sector and turns to the socioeconomic development, providing facts and figures. The Millennium Development Goals and their successors, the Sustainable Development Goals as well as to what extent African states have achieved them are analysed as is the effectiveness of development aid.