Since 1994, the African economies have on aggregate traded significantly with the Asian economies reflecting the vast potential benefit that African countries stand to gain from a vigorous and sustained recovery in Asian economies. I will comment first on Japan and then the post-crisis recovery of the Asian economies, of Thailand, the Philippines, Malaysia, Indonesia and Korea. Second, I will define the concept of African Renaissance and the potential contribution of the Asian economic recovery to African Renaissance. Finally, I will briefly touch on the ability of the Asian countries to combine their culture with the acquisition and development of the most advanced technologies and globalization process. The annual inflation rate in Japan, which rose from 0,1 per cent in 1996 to 1,7 and 0,6 per cent in 1997 and 1998 respectively, is expected to drop to -0,4 per cent by the end of 1999.
Japan undertakes significant direct trade with Africa.
Since 1994, Japan has operated with a significant trade deficit. It is important not to forget that Japan is the second largest economy in the world and Japan is well-disposed to Africa at this stage. The combined annual real GDP growth rate of these countries fell from 6,6 per cent in 1997 to 3,7 per cent in 1998 with severe impact on the gains that had been made to reduce poverty and generate jobs. Growth is now expected to significantly increase to 5,3 per cent in 1999 and 5,4 per cent by 2000. The annual inflation rate which reached a high of 8,0 per cent in 1998, is expected to drop significantly to 3,1 per cent and 3,5 per cent in 1999 and 2000 respectively.