Introduction: The Global Shift in Economic Power to Asia and the Challenges of Africa’s Industrialisation in the Twenty-First Century

Abstract

Asia continues to accelerate the shift of the global economic centre of gravity through sustained growth and the development of consumer economies; investors unwaveringly continue to seek exposure to the region for diversification and returns. As the economic realignment from West to East has been steadily unfolding over the past decade, the long-term trend remains clear that the region’s growing population will drive growth over the foreseeable future. Economies within Asia are projected to expand through continued industrialisation and development of infrastructure, a rising middle-class consumer society, and increased production and export of natural resources. Although China is a symbol of the shift in global economic power away from the developed G7 economies, China has experienced rapid double-digit growth over the first four decades of its reform period, fuelled by exports and manufacturing through an investment-driven growth model. However, there has been no shortage of desire for development among African countries, yet it is quite hazardous to talk of development strategies in Africa. It is on this ground the chapter seeks to find out the possible challenges bedevilling African industrialisation process.