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Where the financial and economic crisis does bite : Impact on the Least Developed Countries

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  • van Bergeijk, P.A.G.

Abstract

This paper looks beyond the comparatively good performance of the large emerging economies that gave rise to the mainstream narrative of decoupling. I discuss the negative economic and social impacts of the financial and economic crisis on the Least Developed Countries that the mainstream narrative hides below the veil of well performing large countries. The negative macroeconomic consequences are directly observed in a reduction of the foreign contribution to capital formation in LDCs and a deceleration of the growth of per capita Gross Domestic Product. Official Development Aid does not offer recourse contracting in real terms in 2011 and falling short by US$ 51 billion over 2008-2011. The potential implications for human development are important. The paper indicates that Millennium Development Goals (especially in the fields of poverty, child mortality and universal primary education) will be more difficult to attain in the Least Developed Countries.

Suggested Citation

  • van Bergeijk, P.A.G., 2012. "Where the financial and economic crisis does bite : Impact on the Least Developed Countries," ISS Working Papers - General Series 542, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  • Handle: RePEc:ems:euriss:32341
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    References listed on IDEAS

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    1. Anagaw Derseh Mebratie & Peter A. G. van Bergeijk, 2013. "Firm heterogeneity and development: A meta-analysis of FDI productivity spillovers," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 22(1), pages 53-74, February.
    2. Adams-Kane, Jonathon & Jia, Yueqing & Lim, Jamus Jerome, 2012. "Channels of transmission of the 2007/09 global crisis to international bank lending in developing countries," Policy Research Working Paper Series 6011, The World Bank.
    3. repec:taf:jitecd:v:22:y:2013:i:1:p:52-70 is not listed on IDEAS
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