Impact of the energy crisis on trade and development of African countries measures to be taken by African central banks to check or mitigate the adverse effects of the situation
Author(s)/Corporate Author (s)United Nations. Economic and Social Council;
United Nations. Economic Commission for Africa;
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When the oil exporting countries steeply escalated the oil prices in October and December 1973, the action inevitably struck hardest at the poor, meaning the developing (and partly industrialized) countries that do not have oil. Hardest hit of course are the poor countries of Africa, where also are the majority of the least developed of the developing countries. For analyzing the impact of this action it is convenient to distinguish the countries of the world into four groups: (i) the rich oil-rich countries, (ii) the rich oil-poor countries, (iii) the poor oil-rich countries and (iv) the poor oil-poor countries. Most of the African countries fall into the last category and the remaining few fall in the third category. Thus in Africa we can distinguish between the oil producing African countries (mainly Libya, Algeria, Nigeria and Gabon) and the non-oil producing African countries, comprising of the rest of the 42 independent nations.