Trade and Finance: The Bitter Truth
The situation in the 1980s has noticeably changed the tone of the discussions regarding the possibilities of an effective solution to one of the most poignant problems of modern times: the underdevelopment of the Third World countries. The sharp drop in rates of economic growth throughout those countries, especially in Africa, has brought more than just new disappointments. The 1980s have continued the period during which negative rates of growth were registered in Africa. According to estimates of the Economic Commission for Africa (ECA), the living standard of an average African, say, in 1988 amounted to just 80 per cent of the 1980 level. An opinion seems to be shaping among specialists in international affairs and public figures that for an overwhelming majority of the newly-free states the former dynamic rates of economic growth are now unrealistic.
KeywordsInternational Monetary Fund Debt Crisis African State International Division Foreign Debt
Unable to display preview. Download preview PDF.