Charlie Robertson talks about his book The Time Travelling Economist

Global Chief Economist at Renaissance Capital, Charlie Robertson, has challenged traditional assumptions about lifting the world's poorest countries out of poverty in his new book, 'The Time Travelling Economist'. Robertson argues that education, electricity, and fertility rates are the keys to transforming the future of developing nations. In a recent interview with CNBC Africa, Robertson shared his insights on how these factors can drive economic growth and prosperity. Robertson emphasized the importance of addressing long-term structural issues to unlock sustainable development. He highlighted the critical role of education in building a skilled workforce and fostering economic resilience. Robertson referenced historical examples from Europe to Asia to underscore the impact of literacy on sustainable growth. He noted that countries with low literacy rates often struggle with instability, coups, and default. Robertson stressed the need for at least 40% adult literacy to achieve sustainable growth and 70% for industrialization. While many African countries have made progress in improving literacy rates, challenges remain in matching human capital with low fertility rates to spur economic advancement. Addressing fertility rates, Robertson pointed out the link between child mortality, high fertility, and economic stagnation. He highlighted the need for investments in healthcare and education to reduce child mortality rates, empower women, and ultimately lower fertility rates. Robertson cautioned against drastic measures like China's one-child policy, emphasizing the need for sustainable solutions that prioritize women's education and well-being. Turning to the power sector, Robertson discussed the central role of electricity in driving economic development. He highlighted the significance of affordable and reliable energy supply in boosting productivity and competitiveness. Robertson noted the challenges faced by many African countries in financing costly energy infrastructure projects. He linked the high cost of electricity investments to elevated interest rates and limited savings, underscoring the importance of achieving low fertility rates to enhance savings and investment capacity. Robertson called for prioritizing spending in education, electricity, and healthcare to accelerate Africa's recovery from the pandemic. He argued that targeted investments in these areas would not only spur economic growth but also improve social welfare and reduce dependence on external aid. By addressing fundamental challenges related to education, electricity, and fertility rates, Robertson believes that African nations can chart a path towards sustainable development and self-reliance. Robertson's thought-provoking insights offer a fresh perspective on the factors driving economic transformation and offer a roadmap for unlocking Africa's potential in the years to come.