Trade means jobs
Trade
means jobs – which means money coming into your household so that you can send
the children to school or buy medicine if they are sick.
In recent years many of the fastest growing developing countries – in East Asia particularly – have been those selling their goods abroad.
China, for example, has achieved economic growth of some 8% for 20 years, lifting over 200 million people out of poverty. It’s no coincidence that in the last 25 years its exports grew thirty-fold.
While Asia was the poorest continent on the planet 40 years ago – twice as poor as Africa is today – it now has the fastest growing economy and is twice as rich as Africa. While Asia was increasing its share of world trade, Africa’s already small share was falling further, from 6% to 2% in just 25 years. Each percentage point lost represents £40 billion a year.
This case study is part of Trade Matters
