Trade and Development Report 1998

Financial Instability - Growth in Africa

image of Trade and Development Report 1998

A valuable resource for those involved in international business and economic development, the Trade and Development Report 1998 (TDR), issued by the United Nations Conference on Trade and Development (UNCTAD), examines current performance and prospects in the world economy. With the main theme of 'International Financial Instability and the World Economy', this illuminating publication offers a special focus on the East Asian crisis, addressing the global impact of the crisis, its causes and its consequences, especially on developing countries. It discusses how financial instability continues to prevail, underlining the 'systemic' nature of the repeated bouts of financial instability at roughly two-year intervals. The Report also focuses on African development. The analysis brings out the failures of the structural adjustment programs and advocates, among others drastic steps, lifting the external debt burden and giving African countries leeway in terms of the World Trade Organization (WTO) rules. TDR98 reveals that the prospects for the years ahead are extremely uncertain and puts forward recommendations on how future crises might be prevented.



Growth and development in Africa: Trends and prospects

It has become increasingly common to describe Africa as a continent of missed growth opportunities, subjected to heavy-handed state interventions and misguided, inward-looking development strategies from which it is only now escaping. The historical record is not so simple. The conventional account downplays the challenges that faced many African countries at independence and overlooks the respectable, and for some countries spectacular, growth rates achieved immediately after independence. Nor is it always appreciated that Africa’s integration into the world economy has been long and close, albeit shaped in large part by colonial ties and legacies.


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