text: including pricereformandnewincentives forproducers, topromote agriCUltural production. However, itwilltakesomeyearstobringinnewtechnologies, remove pricedistortions, introduce newincentives andimprove planning andmanagement. Therelative levelofdebtanddebt-service burdenforthedeveloping countries of Africaisthesecondhighest amongdeveloping regions, nexttoLatinAmerica, with aratioofexternal debttoexportsat216percentandaratioofdebt-service payments toexportsat24percent,respectively, in1984.1/Anadditional /...A!40!5l9 English Page28 disadvantage isthatforthesmaller African debtors, theroomformanoeuvring to diversify andexpandexportsislimited andtheleverage withwhichdebt rescheduling onmorefavourable termscouldbenegotiated isalmostnon-existent. Formosteconomies oftheAfrican region, therevival incommodity prices, relatively largeinflowofconcessionary aidandgrantsinaddition toprivate directinvestment, andimprovement inagricultural production areprerequisites for fastergrowthinthemediumterm. 64.Although SouthandEastAsiaistheonlydeveloping regionthathasweathered thestormoftherecentworldeconomic recession withrelative success, owing partlytotheeconomic resilience andexport-oriented policies ofthemain exporters ofmanufactures intheregion, whichhavebeenabletomakepromptand timelyadjustments toexternal shocksandchanges inexternal demand, andpartlyto improvements inagricultural performance andsuccess inimportsubstitution insome countries, notalliswellwithcountries oftheregion. Somecountries arefacing theincreasingly intractable external debt-servicing andbalance-of-payments problem andhavehadtoadoptausterity measures toreduceimports, investment and growth, whilecountries inthelow-income grouparecurrently beingconfronted with thesameproblems ascountries inotherdeveloping regions, suchasweakcommodity prices, low-level andstagnant inflowofcapital, andincreasing protectionism in thedeveloped countries. 65.Invarying degrees, thecentrally planned economies werealsoadversely affected bytherecession of1980-1982, depending onthedegreeof·openness· of theirindividual economies. Several countries inEastern Europewereconstrained byexternal imbalances anddebt-service burdennotdissimilar tothatofsome developing marketeconomies. unfavourable weather conditions andbottlenecks in thesupplyofrawmaterials, energyandtransportation service alsoplayedapart intheeconomic slowdown ofthesecountries. Asaresult, theeconomic growthrate oftheplanned economies inEastern EuropeandtheUSSRasagroupin1981-1982 was reduced toalmosthalfitslevelforthesecondhalfofthe1970s. From1983 onward, however, withanimproved ~xternal balance position andastrong performance oftheindustrial sectorasaresultofintensive development measures, including emphasis onproductivity' gainsthrough improved planning andmanagement systems andonresearch anddevelopment activities, coupled withmodestincreases ininvestment, economic growthinthosecountries hasbeengaining momentum, with growthratesofnetmaterial product (NMP)steadying atabout4.0percentper year.Theirprospects forcontinued growthinthemediumtermaregood,even thoughforsomeofthecountries, debt-service burdenandexternal balance constraint willcontinue tobefeltforsomeyearstocome. 66.InthecaseofChina,itsexternal sector, thoughfast.growing, still constitutes arelatively smallportion ofitstotalproduct. Withtheexception of 1981,whenthecountry's NMPgrowthratewasbelowpar,theremaining yearsofthe firsthalfofthe1980shaveshownsatisfactory growthratesvarying between 6and 12percentperyear.policymeasures toprovide stimulus togrowth.have apparently started tobearfruitanditsmedium-term development prospects aregood. I...A!40!5l9 English Page29 B.Somepressing problems andissuesinthemediumterm 67.Although 1984sawcontinued improvement .ineconomic performance andrecovery fromthe1980-1982 recession, especially inthecaseofsomeofthemajor industrial economies, prospects forsustained recovery andgrowthfortheworldat largeandthedeveloping countries inparticular arebesetinthemediumtermwith deep-rooted andseemingly intractable problems thatwouldseverely constrain and impedegrowthanddevelopment. Foremost amongthemarethecontinuing highnominal andrealinterest rates)volatile exchange ratesandthe"strong" dollar) declining commodity pricesanddeterioration inthetermsoftradeofdeveloping countries) rapidriseinprotectionist tendencies intheindustrial countries) shrinkage in
analysis: The text primarily focuses on economic development, discussing issues related to debt, trade, and growth in various regions and countries. It also touches on the impact of external factors, such as commodity prices and protectionism, on economic performance. The text also mentions agricultural production and the role of incentives in promoting economic growth.