Search for other papers by Alassane D. Ouattara in
Current site
Google Scholar
Abstract
In the second half of the 1970s and early 1980s the African countries, in common with other developing countries, were seriously affected by the adverse developments in the international economic environment, notably the oil price shocks, the economic recession in industrial countries, the steep rise in international interest rates, and the decline in prices of raw materials. The impact of these external shocks was compounded by inadequate domestic economic and financial policies pursued in many countries. The convergence of these factors thus resulted in large and growing domestic and external financial imbalances, high rates of inflation, and slackening economic growth in most African countries. Furthermore, the situation was exacerbated by structural weaknesses and the damaging impact of protracted droughts, particularly in the Sahelian region.
International Monetary Fund Copyright © 2010-2021. All Rights Reserved.