New Trade Opportunities for Africa
African economic progress over the last twenty years has been bleak. Severe policy distortions at both the macroeconomic and sectorial levels led to economic stagnation. Industrial import substitution strategies failed to contribute to vitality in the manufacturing sector, while extensive intervention in agricultural price and trade regimes led in many countries to a retreat of the food sector into production of non-tradables. Exports suffred in traditional sectors of comparative advantage (land-intensive commodity production) and failed to be realized in nontraditional sectors. In addition, diversification of African economies away from primary commodities failed to be realized, and external terms of trade declined for Africa's traditional exports. One result of this bleak record has been a virtually complete marginalization of Africa from the world trade scene.
Volume (Year): 4 (2001)
Issue (Month): 1 ()
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