The following conclusions summarize the results of Africa’s export diversification efforts and results:
• The regional and subregional evidence indicates that the effort towards diversification in the 1970s and early 1980s had positive results in that for most countries, the diversification indices generally trended downwards, showing movements towards some diversification.
• The diversification gains were not sustainable as they could not withstand the pressures of the economic crises and the attendant adjustment policies that needed to be instituted to deal with them. The gains made during this period remained low and the diversification results reflected volatility and fragility. Africa has been unable to sustain a strong foundation of diversified economy. Yet, other regions such as Latin America and Asia which came under similar pressures managed to protect and even deepen their diversification gains.
• Overall, the African economies appear to have responded differently to the challenges posed by the economic crises of the early 1980s as opposed to the kind of response that the Asian economies adopted. However, it is important to point out that there have been clear differences between subregions and between countries in the same subregions. In spite of differences among subregions, it is clear that African economies were, on the whole, less dynamic compared to the Asian countries in their response to the diversification challenges.
• Five regimes characterize Africa’s experience with diversification. The policy mix in the various African countries ranging from macroeconomic factors to institutional issues have played a major part in determining the diversification regime into which each African country falls.
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