Ngozi Okonjo-Iweala, former minister of finance, says growth and development cannot be achieved when a country has distortions in its foreign exchange rates.
Speaking at the launch of a book “Beating the Odds: Jumpstarting Developing Countries,” written by Justin Yifu Lin and Celestin Monga in Ahmedabad, India, at the African Development Bank meetings, Okonjo-Iweala said there is no one way to growth and development, but some basic principles must be in place.
“You can have development that take specific country and context specific situations in hand and begin from there. So the proposals for industrial parks, industrial zones or what you want to call them as a way of kicking off development in a country fits within this context,” Okonjo-Iweala said.
“For me, I think we should just absorb the lesson that there is no one correct answer to economic growth and development….