![]() The crisis did impact the developing countries, principally via financial flows and through trade. ![]() However, the notion of disconnecting from the crisis proved false. For a long time it was hoped that the threshold and developing countries would be able to disconnect from the financial crisis in the developed countries of America and Europe due to their improved macro-economic structural conditions. The crisis is by no means over for the majority of the developing and transition countries.ģAs inconsistent as the recovery pattern is now, there was a similar lack of consistence in the impact of the financial and economic crisis on the individual countries and regions worldwide. But by far not all the countries and regions reported a brightening of the economic prospects in early autumn. The United Nations (UN) Economic Commission for Latin America and the Caribbean also predicted a return to positive growth in 2010. He warned against growth without employment and against discontinuing the economic stimulation programmes too early, and he also demanded coordinated measures on an international plane (Strauss-Kahn 2009).ĢThe various predictions, particularly for China, India, Brazil, Japan and a few other Asian countries, were optimistic. Thus, immediately prior to the meeting of the Group of 20 (G-20) ministers of finance in London at the beginning of September the Managing Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, was concerned that the recovery was both fragile and slow-moving. Top of pageġThe worldwide measures to deal with the gravest economic crisis since the Great Depression in the 1930s began to show the first signs of recovery in late summer and early autumn 2009. ![]() A shift in power and influence that was already noticeable before the financial crisis is deepening. They are under pressure from the international institutions to relax their previous dominance in favour of the increasingly strong emerging countries. Their readiness to provide more extensive aid is limited. The industrialised countries are for the most part more concerned with their own problems. Developing countries have also increased their cooperation with one another and are urgently demanding a greater voice in global economic affairs. ![]() However, many countries have made considerable efforts to mitigate the effects. Many developing countries did not and do not have the resources to stimulate the economy and protect their socially disadvantaged populations to the same extent as the industrialised countries. Attainment of the Millennium Development Goals is seriously jeopardised in many countries. The crisis was transmitted primarily by trade and financial flows forcing millions back into poverty. And the incipient recovery that is becoming noticeable is, for the time being, restricted to only a few countries and regions. The closer the developing countries are interconnected with the world economy, the crasser the effects. Every country had different challenges to master. Developing countries were hit hard by the financial and economic crisis, although the impact was somewhat delayed.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |