As statistical work began ahead of schedule, by October 1934, East African economic development during the Seventh Five-Year Plan had roughly come into view. In summary, East African economy had remained relatively stable over the past few years.
There had been neither large-scale growth nor severe contraction. International trade had shrunk considerably under the impact of the economic crisis, but domestic investment and consumption had offset much of the adverse impact brought by foreign trade.
Ernst was satisfied as he looked over the report card for the Seventh Five-Year Plan. In his words, under the current broader circumstances, holding the economy steady was already a victory. As for rapid growth like the Soviet Union's, that was unrealistic given East Africa's national conditions.
Before this, Crown Prince Friedrich had first reported on developments in other countries around the world. Since East Africa was participating in global competition, it needed to know about its potential competitors as well. Only then could it better arrange its strategic plans.
Crown Prince Friedrich said, "Compared with last year, the world economy showed clear improvement in 1934. Among the world's major powers, all except France showed signs of recovery or growth."
France was exceptional because it had been affected by the Great Depression later than other countries. Proportionally speaking, France's losses had also been relatively smaller. For example, its unemployment rate was clearly lower than those of Germany, the United States, and Britain, while the decline in its industry had likewise been less severe than in those countries.
However, France's seemingly small losses happened to reveal its present predicament: compared with the other great powers, France was increasingly unable to keep pace.
In industry, France faced high development costs due to such factors as raw material prices, population, and policy. It could even be said that