The Global Financial Crisis and Development: Whither Africa?
The global economic crisis beginning in 2008 has come at a very inopportune time for Africa. Sub-Saharan Africa (SSA) appeared to be on a march toward real economic and human progress, following the dismal performance of the 1980s and early 1990s. Economic growth had resurged since the mid-1990s, and was above the world average at the beginning of the early twenty-first century. Poverty had also declined considerably from their heights of the mid 1990s, rivaling the record over the same period for South East Asia and India, for instance. Meanwhile, human development had also resurged since the mid 1990s. Then the crisis hit. In response, growth fell by more than two-thirds. There appears to be some recovery, however, and the growth decline has so far been less than in previous economic crises, even though the global recession precipitated by the current crisis is the deepest since the Great Depression of the 1930s.
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