ABSTRACT
Economic growth decelerated from rather respectable rates in the 1960s to low levels in the 1970s and stagnated in the 1980s. The share of the productive sectors in GDP declined over time particularly starting late 1970s reflecting the growth of the services sector at the expense of the productive base. The process of economic and technological transformation has been held up by infrastructural constraints. For instance, the financial and banking system have not been geared to technological transformation, the generation and distribution of energy has often failed to cope with demands of industrialization and technological transformation especially in the rural areas. The banking and finance sector has been restructured substantially to meet the requirements of development. However, in the field of technological development and transformation the achievements have been less dramatic. A systematic analysis of technology aspects of development projects has not been evolved.
