The world economic situation with special emphasis on the socio-economic development of the African region during the period 1981-1982

Abstract

In 1981 the rate of growth of Africa’s output fell sharply to 1.2 % at 1970 prices, compared to a rate of 4.5% in 1980 and an average of 5.2% in the period 1970 – 1980. It was the lowest rate recorded for more than a decade and was even lower than the rate of 2.7% obtained in 1974 after the rise of crude oil prices in 1973 – 1974. At 1980 prices, the picture was worse: Africa’s output fell by 1.5%, the largest fall since 1975 when the fall was a minuscule 0.1%, against a growth of 2.9% in 1980 and an average rate of growth of 4.1 % in 1970-1980. Whatever the valuation basis, output per head suffered a net reduction, of around 4.2% (at 1980 prices), the first such reduction since 1975.