Some slowing seems to be inevitable, given the weaker outlook for the world economy. Since we last met in May, most forecasters have revised down expectations. The IMF, to take just one example, has revised down its forecast for world growth in 1998 from 3 per cent to 2 per cent, and for 1999 from 3¾ per cent to 2½ per cent.
But market failures are much less pertinent for larger farmers and agro-processors who are able to access formal credit markets if they are creditworthy and have viable business enterprises.