Saturday, 23 January 2010

KERALA: Africa Showing Signs of Revival

Shimelse Ali International Economic Bulletin, January 2010

Africa1 has been severely hit by the global economic downturn—with per capita incomes declining an estimated 1 percent in 2009 after many years of rising living standards—but the worst may be over. Signs of recovery are emerging in trade and manufacturing. In addition, hurt as it was by the crisis, the region seems to have avoided the macroeconomic instability that accompanied previous slowdowns. Stronger pre-crisis positions—balanced or in-surplus budgets, current account surpluses, and lower debt levels—helped many countries absorb external shocks. However, the crisis reinforces a number of policy lessons the region can use to increase resilience.

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