{
  "title": "Emerging from the Global Crisis - Macroeconomic Challenges Facing Low-Income Countries",
  "publication": "Policy Papers, October 5, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/emerging-from-the-global-crisis-macroeconomic-challenges-facing-low-income-countries-pp4497",
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  "summary": "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.",
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      "heading": "Summary findings",
      "content": "- 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.\n- LICs saw the sharpest decline in their economic growth rate over the last four decades.\n- 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."
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      "heading": "Channels of impact",
      "content": "- The crisis affected LICs not so much through the terms of trade or global interest rates, but rather through:\n  - a sharp contraction in export demand,\n  - a sharp contraction in foreign direct investment,\n  - a sharp contraction in remittances.\n- Oil exporters also suffered from a sharp fall in oil prices."
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    "Published: October 5, 2010",
    "Series: Policy Papers",
    "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.",
    "The crisis affected LICs not so much through the terms of trade or global interest rates, but rather through:",
    "Oil exporters also suffered from a sharp fall in oil prices.",
    "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",
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