China and Lending – Will Africa Suffer From a More Frugal Outlook?
– Advertisement – Prior to the popular ‘Africa Rising’ narrative which gained momentum at the turn of the century, the region’s debt crisis was one of the main topics of developmental economics. This was particularly apparent during the 1980s, when most African nations were trapped in an unsustainable cycle of debt. In fact, Africa’s cumulative debt burden increased from just $8 billion in 1970 to a staggering $174 billion at the end of 1987, or 322% when expressed as a proportion of exported goods and services. China’s borrowing helped to…
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