The Impact of Global Financial Crisis on LICs: Preliminary Assessment Hugh Bredenkamp Strategy, Policy, and Review Department International Monetary Fund December 2008. Overview.
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The Impact of Global Financial Crisis on LICs:Preliminary Assessment Hugh BredenkampStrategy, Policy, and Review DepartmentInternational Monetary FundDecember 2008
In September, 33 LICs were identified as vulnerable (with reserves falling below 3 months in 2008)
Global growth LIC growth :
1 % global growth 0.3 % to 0.5 % in SSA growth
Slowdown in advanced and middle-income countries, plus contraction of trade credit
lower export volumes for LICs
Reduced export prices for oil and commodity exporters
Workers remittances have grown rapidly ….
Especially important in some countries: more than 25% of GDP for Lesotho; 12% for Cape Verde
But at least no stagflation…