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Impact of the Global Financial and Economic Crisis on Africa

Mar 01, 2009 | L. Kasekende, L. Ndikumana, T. Rajhi | AfDB
This paper presents a preliminary assessment of the impact of the financial crisis on African economies. The paper explains the impact on the banking sector and why Africa has not been directly affected by the banking crisis. It goes on to discuss the direct impact of the crisis on financial markets, foreign exchange markets and commodity markets, examines the negative effects felt through trade and capital flows, including foreign direct investment and migrant remittances and presents prospects for public finance, inflation and growth.