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

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 aid architecture.
Publisher:
UNU-WIDER
Series:
WIDER Discussion Paper
Volume:
2009/03
Title:
The Global Economic Crisis: Towards Syndrome-Free Recovery for Africa
Authors:
Augustin Kwasi Fosu and Wim Naudé
Publication date:
June 2009
ISBN 13 Print:
9789292302139
ISBN 13 Web:
9789292302146
Copyright holder:
© UNU-WIDER
Copyright year:
2009
Keywords:
Africa, least developed countries, global economic crisis, financial crisis, governance
JEL:
G01, F42, O11, O55
Project:
New Directions in Development Economics (2008)
Sponsor:
UNU-WIDER acknowledges the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs), Finland (Ministry for Foreign Affairs), Sweden (Swedish International Development Cooperation Agency—Sida) and the United Kingdom (Department for International Development).
Format:
online and printed copies
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