Programme of co-operation between the European Economic Community and the United Nations Economic Commission for Africa

Abstract

The African economy, particularly in sub-Saharan Africa, has experienced a steady decline over the past three decades, with economic growth rates falling from nearly 5% (1965-1973) to 2% during the 1980s. This period, marked by a 15% decline in per capita income, has been termed the lost decade. The economic crisis is attributed to structural weaknesses inherited from the colonial era, including Africa's role as a primary commodity exporter, which has led to worsening terms of trade, chronic deficits, and unsustainable debt. Additionally, global economic shifts, such as the OECD's deflationary policies and the rise of synthetic materials, have further marginalized Africa's position in the global economy. The paper emphasizes the need for technological advancement, economic diversification, regional integration, and good governance. It highlights the importance of sub-regional and regional economic cooperation, drawing lessons from the European Economic Community's experience. The paper concludes that a multi-faceted approach, involving both African states and international partners, is essential for achieving sustainable economic growth and development in Africa.