UN General Assembly
1994

The world's economy continues to reflect sharp contrasts between countries and regions, with the industrialized countries, China and the South-East Asia region showing slight to rapid economic growth rates. The situation in Africa, on the other hand, is still of great concern, as the region's economy continues to show no signs of tangible recovery. The continent remains highly vulnerable to adverse international economic policies as well as to natural calamities, such as drought and epidemics, owing to its limited capacity to develop institutions and systems to cushion populations from these types of calamities. This situation has been compounded by the persistent recurrence of drought, debt burden, a decline in financial flows, low commodity prices, and the implementation of painful but necessary economic reforms and the uncertainties associated with major political reforms.