Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries
Policy Papers, October 5, 2010
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- Published: October 5, 2010
- Series: Policy Papers
Summary findings
- While the impact of the global crisis has been severe, real per capita GDP growth stayed positive in two-thirds of low-income countries (LICs), unlike in previous global downturns, and in contrast to richer countries.
- LICs saw the sharpest decline in their economic growth rate over the last four decades.
- The slowdown followed a period of strong expansion, and real per capita GDP growth has generally held up in LICs, remaining well above growth in richer countries.
Channels of impact
- The crisis affected LICs not so much through the terms of trade or global interest rates, but rather through:
- a sharp contraction in export demand,
- a sharp contraction in foreign direct investment,
- a sharp contraction in remittances.
- Oil exporters also suffered from a sharp fall in oil prices.
Publication metadata
- Title: Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries
- Publication date: October 5, 2010
- Format indicated on page: Download PDF
- Subject tags on page: Cross country analysis, Economic growth, Economic recovery, Financial crisis, Fiscal policy, Global Financial Crisis 2008-2009, Low-income developing countries
Source: Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries, October 5, 2010.