Between 2008 and 2010, China provided more loans to the developing world than the World Bank – totaling more than $110 billion. In 2009, China surpassed the United States as Africa’s largest trading partner. EU member countries as well as India, Turkey, Russia and Brazil continue to rapidly expand their economic presence and market share in the developing world. The United States cannot afford to be left behind.
“GDP growth has moved hand in hand with integration in the world economy. The share of developing economies in world output increased from 23 percent to 40 percent between 2000 and 2012. The share of these countries in world trade also rose from 33 percent to 48 percent.”
“The next 50 years will see major changes in the relative size of world economies. Fast growth in China and India will make their combined GDP measured at 2005 Purchasing Power Parities(PPPs), soon surpass that of the G7 economies and exceed that of the entire current OECD membership by 2060.”
“The International Budget Partnership estimates that developing countries spend $820 billion a year on procurement-related transactions. But procurement is one of the government functionsmost prone to corruption. According to Transparency International, up to a fifth of the value of government contracts may be lost to corruption.”
“Infrastructure is now the single largest business line of the [World Bank] Group: It represents 43 percent of the total assistance of the Group to low- and middle-income countries and the private sector.”
Ending corruption is vital to efforts to achieve sustainable development, United Nations Secretary-General Ban Ki-moon told the world’s largest anti-corruption forum, which began today in St. Petersburg, Russia.
Investing in Africa’s Future is Good for Ours
At the recent U.S. – Africa Leaders Summit, former President Clinton and former New York Mayor Michael Bloomberg accused American companies of “missing the boat” and falling behind China and Europe in doing business with African nations.
How Other Countries are Scrambling for Africa Alongside the U.S.
This week in Washington, dozens of African heads of state are converging for a landmark series of meetings with U.S. officials and businesses. The event has been billed as the clearest sign yet of the Obama administration’s desire to reassert American interests in the continent, which have taken a back seat to the United States’ long-standing foreign policy headaches in the Middle East and west Asia
Chevron Works with Local Communities on Economic Development
Chevron has worked with communities and local partners to fund and promote initiatives focused upon creating self-sufficiency, job growth, economic development, and stable environments. Chevron starts by assessing what local communities need, then takes action to help remove barriers to economic growth.