1 Globalization and Development Problems in Sub-Saharan Africa

Abstract

During the last four decades, the developing nations of Sub-Saharan Africa have experienced serious and chronic economic crisis. Currently, the situation is not any better for almost all of them. The region has continued to suffer from stagnant and declining economic growth. The performance of the agricultural sector was so poor that the supply of food production was below the quantity required to satisfy domestic consumption. Some of the nations in this region have experienced devastating drought condition resulting in drastic food shortage and tragic famine. The rapidly changing global economic, technological, and political conditions seem to have made the situation far more worse for the developing nations in general and Sub-Saharan Africa in particular. The development in electronics technology and the resultant information age have in effect created global village, increasing interdependence among nations, and highly competitive global marketplace. These changes in the global economic and political environment have significant ramifications both in the developed and developing nations. In the developed nations more resources will be needed to buttress domestic spending to offset the adverse consequences of changing economic situation such as recession, rising unemployment and alike. This leaves little development assistance which is necessary to help the developing nations. Consequently, economic growth has declined, and income, savings and investment have fallen further (World Bank,1995 and 2008). The purpose of this paper is to explore and highlight how the changing global economic and political environment may have adversely affected the nations in Sub-Saharan Africa. One of the practical lessons that can be drawn from this will be an assessment of the potential pitfalls of over-reliance of the developing countries on external development assistance, and the far reaching ramification of taking such position in the long run. Factors Contributing to Economic Stagnation in Sub-Saharan Africa

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