Resource information
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.
