Global Economic Crisis: Impact on Sub-Saharan Africa and Global Policy Responses [August 25, 2009] [open pdf - 490KB]
"Many analysts were initially optimistic that the impact of the global financial crisis on Sub- Saharan Africa would be negligible. Many African economies are among the least exposed to the global financial system, and African banks hold few of the 'toxic assets' that helped spark the crisis. However, as the financial crisis has deepened into a global recession, most agree that Africa will be strongly affected. The International Monetary Fund (IMF) estimates that average economic growth in Africa will slow from an average of over 6% per year over the past five years to 1.5% in 2009. As a region, Sub-Saharan Africa is not projected to undergo a recession in 2009. However, most African countries are thought to require high rates of economic growth in order to outpace population growth and make progress in alleviating poverty. […] This report analyzes Africa's vulnerability to the global crisis and potential implications for economic growth, poverty alleviation, fiscal balances, and political stability. The report describes channels through which the crisis is affecting Africa, and provides information on international efforts to address the impact, including U.S. policies and those of multilateral institutions in which the United States plays a major role. It will be updated as events warrant."
CRS Report for Congress, R40778
U.S. Dept. of State, Foreign Press Centers: http://www.fpc.state.gov/