"Guest: Some of the basic caveats with interpreting African economic growth need to be taken as well, not only those related to statistics. I think the World Economic Outlook just published their projections and in there you see that--well, I can ask you. What do you think is projected to be the fastest growing economy next year? Russ: In the world? Guest: In the world. Russ: China! Guest: No. Southern Sudan. Russ: Of course. Why? Guest: Their GDP growth rate next year is projected to be 60%. Russ: It's a good year. Guest: Yeah. Then the next follow-up question is: Which do you think is the slowest growing economy this year in the world? Russ: Uh--Ireland. Greece. Guest: No. Southern Sudan, again. If I remember this correctly, their economy contracted by about 50% this year. Russ: Well, thank goodness it was only a one-year contraction. It's going to bounce right back. Guest: In Southern Sudan, this is about whether they are allowed to turn on the pipeline with oil or not. So here is where petroleum export growth matters more than statistics. One of the things that drives economic growth in sub-Saharan Africa is the undisputable rise in exports. How that relates to economic growth in the domestic economy and on the African continent is a question we are very poorly equipped to answer because of the measurement problem."
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