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Africa.s Recovery from the Global Economic Crisis

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  • Naude, Wim
  • Fosu, Augutin

Abstract

African economies have been shaken by the global economic downturn which followed the US-centered financial crisis of 2008. Africa.s growth rate for 2009 and 2010 has recently been revised substantially downwards by international financial institutions. For instance the IMF has revised Africa.s economic growth forecasts for 2009 downwards from 5 per cent in October 2008, to 3.5 per cent in January 2009, and to 1.7 per cent in April 2009. Likewise the World Bank has revised African growth prospects down to 2.4 per cent for 2009. The consequences of a reduction in growth, even if African economies may avoid shrinking, are likely to be higher unemployment and poverty, increases in infant mortality, and adverse coping with long-lasting impacts such as higher school drop-out rates, reductions in healthcare, environmental degradation, and political instability, inter alia.

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Bibliographic Info

Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Papers with number WIDER Angle newsletter June 2009.

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Length: 7
Date of creation: 2009
Date of revision:
Handle: RePEc:unu:wpaper:angle-june-2009-a

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Keywords: entrepreneurship; index; principal components analysis;

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Cited by:
  1. Ziesemer, Thomas, 2009. "The Impact of the Credit Crisis on Poor Developing Countries: Growth, worker remittances, accumulation and migration," UNU-MERIT Working Paper Series 026, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.

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