Debt Relief for African Countries

2643 Words Jan 31st, 2018 11 Pages
There has been little prospect for the future of most of these developing countries, however during recent years there has been a degree of optimism considering the development performance of the economy as well as providing a better long term future. The crisis emerged in 1982 with their debt rising above $140 billion to over $270 billion in 1990 (World Bank, 2013). There has been stagnation regarding the growth of their economies but despite periods of success Africa has been unable to unleash its full potential. In order to fully understand the effects of the debt crisis further examination into the background and causes of the crisis is needed, with attention to specific countries. The effect of the debt on the development of the region has to be discussed in detail in order to understand the difficulties most of these countries face with repaying their debts and promoting continuous economic growth. By highlighting the degree of optimism which has been evident in recent years for developing countries to progress, we can argue that there is a future for most of these countries when they look past the obstacle that debt presents. Especially in the 21st century where Africa is seen as one of the leading economies. This raises the possibility that despite huge overall debt stocks, that Africa may rise on the world economic platform and over take a few of the world’s…
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