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The Global Economic Crisis: Towards Syndrome-Free Recovery for Africa

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  • Fosu, Augustin Kwasi
  • Naude, Wim

Abstract

This paper outlines the impact of the global economic crisis on Africa. Recovery requires coordinated and consistent efforts to assist individual countries in mitigating (reducing) the risk, coping with the impact, and reducing risk over the longer term. Care should be exercised to maintain and improve good governance, which is essential for African countries to avoid introducing various .anti-growth policy syndromes. into their economies. These could arise if responses to the crisis result in (i) further boom-bust cycles and flaming the historically high volatility of African growth, including inflation, (ii) another debt crisis, (iii) household engaging in adverse coping strategies with lasting impacts; (iv) reversal of gains made in opening up African economies and re-introducing crippling state controls; and (v) entrenchment of inequities and inefficiencies in the global financial and aid architecture.

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File URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2009/DP2009-03.pdf
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Bibliographic Info

Paper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number UNU-WIDER Research Paper DP2009/03.

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Length: 20
Date of creation: 2009
Date of revision:
Handle: RePEc:unu:wpaper:dp2009

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Related research

Keywords: Africa; least developed countries; global economic crisis; financial crisis; governance;

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Cited by:
  1. Naude, Wim, 2009. "The Global Economic Crisis after One Year: Is a New Paradigm for Recovery in Developing Countries Emerging?," Working Paper Series UNU-WIDER UNU Policy Brie, World Institute for Development Economic Research (UNU-WIDER).
  2. Franklin Allen and Giorgia Giovannetti, 2010. "Fragile Countries And The 2008-2009 Crisis," RSCAS Working Papers 2010/13, European University Institute.
  3. Wim Naudé, 2010. "Africa And The Global Economic Crisis: A Risk Assessment And Action Guide," EUI-RSCAS Working Papers 27, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
  4. Wim Naudé, 2011. "The Global Financial Crisis and Development: Implications for the Entrepreneurial Economy," Working Papers 2011/01, Maastricht School of Management.

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