UN General Assembly
1999

cent in 1998, average gross domestic product for all of Africa fell far short of the eight per cent annual growth rate envisioned by the World Bank as the level capable of significantly reducing poverty levels on the continent. Adverse factors that contribute to this decline include slower growth of the world economy, declining commodity prices, the contagious effects of the Asian financial crisis, the El Niño weather pattern, civil strife and political turmoil in several spots. At a time when greater challenges and opportunities are emerging within the context of globalization, it is 7 crucial that Africa’s nagging vulnerabilities are highlighted and addressed. Total African export revenues fell by nearly $14 billion in 1998, to just $112 billion, an 11 per cent drop from the 1997 level, mainly due to price declines. That negative trend has continued in 1999. We are concerned that at a time when prospects for aid effectiveness in Africa are improving significantly, official development assistance to Africa has fallen to its lowest level. Between 1993 and 1997, total aid receipts in