Impact of the Global Financial Crisis on Sub-Saharan Africa

Abstract

The purpose of this paper is to examine the impact of the global financial crisis on the growth and development of sub-Saharan Africa and to discuss the policy implications of the crisis. Understanding the impact of the global financial crisis on sub-Saharan Africa is of critical importance because of the continent’s severe volatility. Sub-Saharan Africa is home to the largest number of low-income countries in the world; more than fifty percent of the population lives on less than US $1.25 per day.1 The region is also plagued with country-specific political problems, which are at risk of exacerbation by increasing levels of poverty. However, it is important to note that conditions in sub-Saharan Africa are not uniform; they vary by country. The World Bank reports that the sum GDP per capita of the top ten wealthiest countries in Africa is 25.2 times the GDP per capita of the poorest ten countries.2 The economic disparity between countries highlights the variability in the experiences of individual countries, as well as the necessity for country-specific policy responses to the impacts of the global financial crisis.

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