Global and economic aspects of the crisis: two aspects of the current crisis are important to stress. The first is its global nature. As you know, this crisis started last year in the US and European financial markets but spread quickly to developing countries. The second is its economic impact. Before the crisis erupted, many countries, and many developing countries in particular, were already suffering from the impact of very substantial food and fuel price increases, which had translated into higher inflation and current account deficits. As a result, the financial crisis has quickly become an economic crisis, and already many developed countries are in recession, and developing countries are seeing weakening growth.
Details
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Author
Gressani, Daniela; Tano, Auguste;
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Document Date
2009/01/01
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Document Type
Brief
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Report Number
51789
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2012/01/17
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Disclosure Status
Disclosed
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Doc Name
The global financial and economic crisis : transmission channels and policy response in the Arab world
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Keywords
global trade volume;demand for import;foreign direct investment;fuel price increase;current account deficit;fiscal stimulus package;world economy;economic crisis;transmission channel;financial market;high inflation;external position;bank recapitalization;financial system;monetary policy;large business;tourism revenue;global financial;Trade Policies;learning activity;Trade Policy;SME support;financial crisis;global economy;Job Creation;stock market;social need;oil revenue;fiscal deficit;business environment;Public Spending;fiscal space;global recovery;Business Regulation;export growth;private spending;global experience;data limitation;social commitment;external balance;remittance;
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Citation
Gressani, Daniela; Tano, Auguste;
The global financial and economic crisis : transmission channels and policy response in the Arab world (English). MENA knowledge and learning quick notes series ; no. 1 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/599091468052139299/The-global-financial-and-economic-crisis-transmission-channels-and-policy-response-in-the-Arab-world