Turning Inward? Or Fighting the Crisis with Further Opening? Evidence from the Nigerian Banking System
The unprecedented global economic crises which have afflicted the whole world over the past two years have their origins in the advanced industrial economies of the West. While African countries bear no responsibility for this crisis, they are suffering its worst effects. They have been hit with falling prices, especially those countries that trade in a few commodity exports, and reduced capital flows as foreign investors exit these markets to shore up their losses at home and the level of remittances fall as Africans who work abroad and send money home lose their jobs. Real GDP growth is now projected by the IMF to drop below 2 percent in 2009, down from an average of over 6 percent for the last few years. In light of the global crisis, the fear has been that African governments would introduce more protectionist policies as a response.
Date Published: 26 Oct 2009
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