The Global Financial Crisis and Its Impact on Developing Countries

Emerging and developing countries, which had achieved, on average, 7.2 percent growth rates between 2003 and 2007, are again at risk due to the financial crisis, which started in the U.S.A and is now threatening to engulf developing countries in deep trouble.  While governments in developed countries have swiftly put in place financial packages to rescue their banks and private firms, it will be harder for cash-strapped debt-ridden developing countries to rescue their own economies from the financial tsunami which originated in the West.
This is the time when developing countries and the poorest among them, need, more than ever, the help of their development partners in richer countries.  It is not the time to cut aid to poor countries, notwithstanding the budgetary problems encountered by developed economies. by Marwan Elkhoury; (Read the complete article)