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Public Sector and Governance

Africa: Least integrated but worst hit by the crisis

Shanta Devarajan's picture

Even though it is the least integrated with the global economy, Africa may be the worst hit region by the global economic crisis. Each of the four channels through which the crisis is affecting Africa has a particularly nefarious impact. 

    A fiscal stimulus for Africa?

    Shanta Devarajan's picture

    There is no question that the global financial and economic crisis is affecting Africa’s economic performance. The IMF’s World Economic Outlook forecasts a GDP growth rate for Africa of 3.5 percent, which is 1.6 percentage points lower than the previous forecast, and 1.9 percentage points below the 2008 growth rate. The growth forecast for primary commodity exporters is even lower; Angola, for instance, is

    Les douanes camerounaises se regardent dans le miroir

    Gael Raballand's picture

    En Afrique, l’administration des douanes joue un rôle de tout premier plan dans le développement économique et social puisque les droits et taxes collectées par les douanes représentent bien souvent au moins 30% des recettes du budget national (hors pays pétroliers). Dans le même temps, c’est l’une des administrations les plus décriées étant bien souvent décrites comme le symbole même de la corruption et un terrible frein au commerce.

    Impact of the Global Financial Crisis on Zambia

    Julio Revilla's picture

    The direct financial effects of the global financial crisis have so far been limited due to Zambia’s reliance in domestic funding and limited exposure to external credit lines. However, the central bank has increased interest rates sharply as a result of portfolio outflows.

    DR Congo Perspectives on the Financial Crisis

    Emilie Mushobekwa's picture

    The main impact of the global financial crisis on the DRC economy is the slowdown in overall economic growth, which is projected to be 6 percent in 2009. With the crisis going on, the situation is likely to deteriorate. Two of the major sectors expected to drive DRC growth in 2009, i.e. infrastructure and mostly mining, have already been severely affected by the crisis.

    The Impact of the Financial Crisis on Madagascar

    Noro Andriamihaja's picture

    The negative impact of the financial crisis on economic growth in Madagascar is expected to be relatively limited; growth is still likely to attain 7% in 2008. Over the medium term, declining demand in industrial countries is expected to affect strategic export oriented sectors such as mining, tourism, textiles and agribusiness. The depth of the banking sector in Madagascar is still very modest with deposits accounting for less than 9 percent of GDP.

    The Impact of the Global Economic Slowdown on Uganda

    Charlotte Lundgren's picture

    Uganda has in the past few years showed impressive growth rates despite a number of shocks including prolonged drought, severe energy shortage and the adverse impact of high oil and food prices. Public finances are in good shape with a very favorable debt situation and the financial sector is sound and well-capitalized. Uganda is, therefore, entering the global economic slowdown in a relatively strong position.