2010 Reports

The Great Recession and the Developing World

Ocampo, Jose A.; Griffith-Jones, Stephany; Noman, Akbar; Ortiz, Ariane; Vallejo, Juliana; Tyson, Judith

This essay analyzes the effects of the crisis in the developing world, which in the definition that we used encompasses what in the literature are called "emerging economies" (a concept that lacks a clear definition) and encompasses the so called "transition economies" of Central and Eastern Europe (including those that are now members of the European Union) as well as Central Asia. It is divided in five parts. The first briefly looks at the nature and phases of the crisis as seen from a global perspective. The second analyzes all the channels of transmission to the developing world. The third considers the performance of developing countries. The fourth considers the policy responses by the international community. The last draws some policy conclusions.