Address by Ms. Asha Rose Migiro at the opening of the regional coordination mechanism meeting: opening of the regional coordination mechanism meeting, Economic Commission for Africa

Abstract

Address by Ms. Asha Rose Migiro at the Opening of the Regional Coordination Mechanism Meeting. Ms. Migiro, on her remarks highlighted that, the broad effects of climate change and the global financial crisis have overshadowed some of our hard-won development gains. Africa achieved impressive economic growth rates during the early years of this new millennium. Prudent macroeconomic policies, improved governance and reformed environments for private--sector investment all played their parts in supporting this achievement. The present economic crisis, for which Africa bears no responsibility, has reversed recent trends. Africa’s growth is projected to fall from an average of over 5 percent in recent years to a paltry 1.7 percent increase in 2009. The indicators are plain to see: we have already seen dwindling export revenues and reduced remittances.