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International Financial Reform and Africa: What Is To Be Done?
Author: Daniel bradlow
Date of Publication: 2008-11-24
Africa, the poorest and least robust part of the global economy, could be the region most severely affected by the financial crisis that began in the rich countries and is now metastasizing into a global economic crisis. Its export earnings are being hit by the recent decline in commodity prices (some prices have dropped by more than 50% since July). Its access to international finance, never exactly robust, is receding: economists estimate that private financial flows to developing countries will be 30-50% lower next year and it's not yet clear if aid and other official flows will fill the gap. In addition, the World Bank expects remittances from emigrants, which represent about 2% of GDP for all sub-Saharan African countries to decline, and that will directly impact millions of individual households. Growth rates in 2009 will be lower than 2008 rates, and inflation rates will be higher. These developments will set back African efforts to meet the Millennium Development goals and lead to an increased number of extremely poor people in Africa. And already 320 million out of a total population of about 500 million live on less than $1 per day.
Link to Publication: http://www.fpif.org/fpiftxt/5684
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