OECD Home › Development › By Date English, , 239kb Only a year
ago Africa’s economic growth prospects seemed historically
bright. But what effect has the global crisis had? The
international environment facing Africa1 has turned decisively
negative. GDP in the OECD countries is expected to contract by
4.3% in 2009 and to be virtually flat in 2010. At the G20 summit
in London on 2 April, governments pledged to do all they can to
restore confidence, growth and jobs; repair and strengthen the
financial system; promote global trade and investment and reject
protectionism; and build an inclusive, green and sustainable
recovery for all. The OECD worked behind the scenes with G20
governments and other international organisations to help
achieve this successful outcome and further our The combined
effect of the global credit crunch, falling international trade
and investment flows, lower remittances and the effect of
budgetary pressures in donor countries’ aid plans, are reversing
the progress we had made in combatin