United Nations Radio

It is important to focus Africa's development against the backdrop of the weakened global economy resulting from energy crisis, food and oil price rises and the current financial crisis in developed countries.

Speaking on behalf of the African Group of States on the New Partnership for Africa's Development-NEPAD, Ambassador Owuor says the crises are contributing to the adverse impact on growth and economic prospects of all African economies with the potential for severe consequences for least developed countries on the continent.

"In view of the foregoing, Africa's growth is projected to slow down in 2008. The growth outlook for Africa may worsen if the global economy experiences a protracted slowdown. It is therefore essential that the international community's policy actions should be aimed at supporting NEPAD's objectives to improve economic infrastructure and creating an enabling environment for investment and growth."

Ambassador Owuor says the evident slowdown in global growth, the danger posed by current high commodity prices and the possibility of long-term effects, the diminished access to finance for investment and the erosion of balance of payments positions of many countries threaten to undermine the policy gains made over the last decade.

This is Donn Bobb reporting for United Nations Radio.

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