While most of Africa did not suffer directly from the East Asian crisis, growth did slow appreciably last year. In many African countries, income per head is no higher now than it was at independence 20 or 30 years ago. This means that the overall number of poor people is growing every year. The lack of fast per capita growth makes it impossible to solve almost any development problems. This is even more important now that the crisis has slowed world trade and heightened export competition.
Trade is crucial because Africa still plays only a marginal role in the world economy.
The global economy is increasingly integrating, with regional trading blocs emerging. But progress in integrating African economies into trading arrangements remains slow. This points to the importance of promoting regional cooperation and integration, of creating larger economic spaces which can serve as a launch pad for Africa to join the global economy. Finally, too few Africans are benefiting from their economies. So we need to accelerate growth of the type that will reduce poverty by creating jobs and spreading its benefits widely.