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The Global Economic Crisis and Developing Countries: Effects, Responses and Options for Sustainable Recovery

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  • Wim Naudé

Abstract

Following the financial crisis that broke in the U.S. and other Western economies in late 2008 and lead to a global economic crisis, there is now worldwide concern about its effect on the developing countries. One year into the crisis, this paper discusses its unfolding during 2008‐2009 and traces its effect on developing countries. The paper takes note of the greater resilience of man developing countries this time around (as opposed to previous global recessions) and discusses the global responses to the crisis during 2008 and 2009, concluding that the weak response of the rich world to help developing countries may contribute to a paradigm shift in international development.

Suggested Citation

  • Wim Naudé, 2010. "The Global Economic Crisis and Developing Countries: Effects, Responses and Options for Sustainable Recovery," Poverty & Public Policy, John Wiley & Sons, vol. 2(2), pages 211-235, May.
    • Handle: RePEc:wly:povpop:v:2:y:2010:i:2:p:211-235
    DOI: 10.2202/1944-2858.1050
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    References listed on IDEAS

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    1. Lars Jonung, 2008. "Lessons from Financial Liberalisation in Scandinavia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(4), pages 564-598, December.
    2. Augustin Kwasi Fosu & Wim Naudé, 2009. "The Global Economic Crisis: Towards Syndrome-Free Recovery for Africa," WIDER Working Paper Series DP2009-03, World Institute for Development Economic Research (UNU-WIDER).
    3. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
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