International Co-operation in financing of trade and development

Abstract

It has become evident half way through the Development Decade, that the achievement of even those modest targets set "by the United Nations General assembly for the growth of developing countries in Africa and elsewhere over the 1960's is not to be expected. The average annual growth rate of the combined gross domestic product of developing African countries over the first five years of the current decade has been of the order of 3.7 per cent. On a per capital basis, the rate has hardly exceeded 1 per cent. Such frustrations of the development efforts of African countries have occurred at a time when the developed industrialized economies have continued to make an impressive and steady progress.