The financial and economic crisis of 2008-2009 and developing countries

The financial crisis started in the United States in 2007 and involved financial institutions in many OECD countries. It was only when the crisis turned into a global economic recession that developing and emerging-market economies were affected, mainly through the trade channel, and in some cases through workers’ falling remittances. In many developing countries, the economic consequences of these indirect effects were as severe as the direct effects were on developed countries. The worldwide recession, the first since the Second World War, led to a reduction of world gross domestic product (GDP) by 0.6 per cent in 2009.

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In the absence of countercyclical responses, the slump could have been much stronger.

Some address the policy agenda mentioned above, drawing on the work of the Stiglitz Commision and on UNCTAD research. Many of the contributions draw from the two conferences at HTW Berlin in November 2009 and June 2010, while others are contributions by UNCTAD researchers or authors cooperating with HTW in an international network of 12 universities funded by the German Academic Exchange
Service (DAAD).