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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.

Suggested Citation

  • Fosu, Augustin Kwasi & Naude, Wim, 2009. "The Global Economic Crisis: Towards Syndrome-Free Recovery for Africa," WIDER Working Paper Series WIDER Discussion Paper 20, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:dp2009
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    File URL: http://www.wider.unu.edu/sites/default/files/dp2009-03.pdf
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    Cited by:

    1. 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).
    2. Franklin Allen and Giorgia Giovannetti, 2010. "Fragile Countries And The 2008-2009 Crisis," EUI-RSCAS Working Papers 13, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    3. Naude, Wim, 2009. "The Global Economic Crisis after One Year: Is a New Paradigm for Recovery in Developing Countries Emerging?," WIDER Working Papers UNU-WIDER UNU Policy Brie, World Institute for Development Economic Research (UNU-WIDER).
    4. Naude Wim, 2011. "Global Finance after the Crisis: Reform Imperatives and Vested Interests," Global Economy Journal, De Gruyter, vol. 11(2), pages 1-22, July.
    5. Wim Naudé, 2011. "The Global Financial Crisis and Development: Implications for the Entrepreneurial Economy," Working Papers 2011/01, Maastricht School of Management.

    More about this item

    Keywords

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

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