afrol News, 14 October - South Africa, Botswana, and Namibia lead African continent in promoting prosperity, 2008 Legatum Prosperity Index revealed today.

Index defines prosperity as a holistic combination of material wealth and life satisfaction, measuring how well nations are promoting both economic growth and quality of life. Australia holds the top spot, narrowly ahead of Austria and Finland; Yemen ranks last, following several African nations including Zimbabwe, Zambia and Mali.

Prosperity Index assesses 104 nations around the world by measuring 44 different indicators of both economic competitiveness and liveability.

Out of 15 African nations featured in this year's Index, South Africa (38th) and Botswana (45th) rank in top half of country list.

According to index, well-governed Botswana has, over a period of 30 years, achieved one of the fastest rates of income growth in the world, despite still struggling with high HIV and AIDS infection rates. Namibia trails closely behind Botswana in 55th place and is unique in the region in having no severe weaknesses and one notable strength, equality of opportunity. South Africa has enjoyed success in enabling individual entrepreneurship by mainly lowering costs of formalising a business.

Other African countries are situated in the bottom quartile of Index due to poor governance, low levels of education, high dependence on foreign aid, chronic unemployment and low average life expectancies.

"While low incomes are a drag on prosperity, African nations, however, maintains comparatively high levels of social support via strong communities and religious life, High proportions of the population also believe that working hard will enable them to get ahead," stated Legatum report.

Dr William Inboden, senior vice president of Legatum Institute commented that, "True prosperity consists of more than money. It also includes happiness, health, and liberty. The Prosperity Index shows that in addition to economic success, a society's prosperity is based on strong families and communities, political and religious liberty, education and opportunity, and a healthy environment."

Australia is said to be leading Index because of its strong performance in education, governance, and promoting entrepreneurship. All successful countries are said to demonstrate several common attributes, with top ten scoring especially high on five economic indicators, which are: Growth in Invested Capital; Good Governance on economic issues; Commercialising Innovation; Good Governance on political issues; High Incomes.

2008 Prosperity Index has further found out that both individuals and governments have a role to play in promoting national prosperity.

"The 2008 Legatum Prosperity Index reveals that governments alone cannot mandate prosperity, but they can foster an environment that encourages prosperity through reduced dependency on aid and the implementation of wise policies that enable citizens to lead productive lives. Individual citizens are responsible for taking advantage of the opportunities that accompany increased freedom and privilege," observed Alan McCormick, Legatum's managing director.

Mr McCormick concluded that, "Amidst widespread global economic insecurity, the findings of this year's Index could not be timelier. The Prosperity Index is a manifesto for advancing long-term national prosperity which will guide leaders from all sections of society."

Legatum Institute ("LI") is an independent policy, advocacy and advisory organisation with mission to research and promote principles that drive creation of global prosperity and expansion of human liberty and wellbeing.

By staff writer

© afrol News

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