Journal Article
The Global Economic Crisis and Developing Countries

Following the financial crisis that broke in the U.S. and other Western economies in late 2008 and led to a global economic crisis, there is now worldwide concern about its effect on the developing countries. One year into the crisis, this paper discusses its unfolding during 2008-09 and traces its effect on developing countries.

The paper takes note of the greater resilience of many developing countries this time around (as opposed to previous global recessions) and discusses the global responses to the crisis during 2008 and 2009, concluding that the weak response of the rich world to help developing countries may contribute to a paradigm shift in international development.