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Impact Of The Global Financial And Economic Crisis On Development: Whither Africa?

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  • Augustin Kwasi Fosu

Abstract

Abstract The global economic crisis beginning in 2008 has come at an inopportune time for Africa. Economic growth had recovered, poverty had declined, and human development had improved. Then the crisis hit. Growth then fell by 60 per cent. The growth decline has been less than in previous economic crises though. Africa's resilience currently likely results from improvements in economic and political governance and to changes in the external environment. It appears that Africa will once again resume its path towards prosperity. However, although low‐income and ‘fragile’ countries appear to be holding up well, many of them critically depend on external assistance. Above all, the commitment to improved governance must continue. Copyright © 2013 John Wiley & Sons, Ltd.

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  • Augustin Kwasi Fosu, 2013. "Impact Of The Global Financial And Economic Crisis On Development: Whither Africa?," Journal of International Development, John Wiley & Sons, Ltd., vol. 25(8), pages 1085-1104, November.
    • Handle: RePEc:wly:jintdv:v:25:y:2013:i:8:p:1085-1104
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    File URL: http://hdl.handle.net/10.1002/jid.2971
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    Cited by:

    1. Edmund Amann & David Lawson, 2013. "International Crises And Developing Economies: Linkages And Recent Experiences," Journal of International Development, John Wiley & Sons, Ltd., vol. 25(8), pages 1035-1049, November.
    2. M. Ayhan Kose & Naotaka Sugawara & Marco E. Terrones, 2020. "Global Recessions," Working Papers 162, Peruvian Economic Association.
    3. Augustin Kwasi Fosu, 2018. "Economic Structure, Growth, and Evolution of Inequality and Poverty in Africa: An Overview," Journal of African Economies, Centre for the Study of African Economies, vol. 27(1), pages 1-9.
    4. Augustin Kwasi Fosu & Dede Woade Gafa, 2020. "Economic Neoliberalism and African Development," Working Papers 202074, University of Pretoria, Department of Economics.
    5. Md Akhtaruzzaman & Ramzi Benkraiem & Sabri Boubaker & Constantin Zopounidis, 2022. "COVID‐19 crisis and risk spillovers to developing economies: Evidence from Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(4), pages 898-918, May.
    6. Vanessa S. Tchamyou, 2020. "Financial Access, Governance and the Persistence of Inequality in Africa: Mechanisms and Policy instruments," Working Papers of the African Governance and Development Institute. 20/027, African Governance and Development Institute..
    7. Augustin Kwasi Fosu, 2022. "Institutions and African Economic Development," Working Papers 202202, University of Pretoria, Department of Economics.
    8. Peter Ajonghakoh Foabeh & Vesarach Aumeboonsuke, 2024. "Resilience of Developing Economies to External Shocks: Empirical Evidence from CEMAC Countries," Journal of Sustainable Development, Canadian Center of Science and Education, vol. 17(3), pages 1-81, May.
    9. Shumaila Zeb, 2022. "The role of knowledge economy in Asian business," Future Business Journal, Springer, vol. 8(1), pages 1-13, December.

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