n AfricaGrowth Agenda - The potential impact of the global financial crisis on African economies

Volume 2009, Issue 4
  • ISSN : 1811-5187


The 2008 financial crisis has and continues to affect millions of Americans and other citizens around the world. The crisis, according to the International Monetary Fund (IMF), is the worst in the last 75 years, thus effectively making it the first global financial crisis in the 21st century! Over the last four months, Americans have borne the brunt of this crisis that first began with high inflation caused by high oil and other commodity prices before ending with continuous unemployment and bankruptcy of even the largest of the multinational corporations around the world. Several major financial institutions have been absorbed by other financial institutions while others like the Citigroup - one of the world's largest companies - have been literally saved by the government bailouts. Yet other well known symbols of the American dream like the Bear Sterns and the Lehman Brothers are among the financial giants that have literally collapsed. The General Motors (GM), and Ford on the other hand have come close to being decaled bankrupt! All these explain why the 2008 financial crisis was one of the hottest topics in the just concluded US Presidential campaigns in which Barrack Obama emerged the victor.

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