Review of economic and social conditions in Africa

Abstract

Economic growth has been markedly reduced in 1993 in most of developing Africa. According to latest ECA estimates, Developing Africa GDP grew a mere 1.4 per cent, after a disappointing 0.7 per cent in 1992, and an average of 1.5 per cent only in the 1990-1992 period. The poor result of African economic since 1990 are usually attributed to familiar causes such as poor demand for African export ,which has in fact led to large fall in commodities price in 1993 these price fell by 2.6 percent after a fall 3.4 percent in 1992. Tropical beverages prices reached record lows in 1992 and showed only moderate fall in 1993 because of steps taken by producer to reduce supply. But oil prices declined through most of falling to slightly over $13.5 a barrel for rent crude in the beginning of 1994.