Global Economic Imbalances - A Focus on African Economy
Bharatiya Samajik Chintan, Vol. 6, No. 1, pp. 15-20, June 2007
9 Pages Posted: 1 Jun 2015
Date Written: October 26, 2008
Abstract
Many developments witnessed in 2005 in the world economy have important implications for African economies. There are many issues raised pertaining global imbalances and they obviously occupied center stage in the monetary and other economic policies of developing and developed countries. The U.S. runs a current account of deficit of $805 billion, around 6.4 per cent of its GDP. In contrast, Japan has a surplus of nearly $164 billion and China $158 billion. The record rise in oil prices and - the dim prospects of their coming down soon - have certainly exacerbated the problem. An attempt is made in this paper to discuss about the Global economic changes in the year 2005. The paper also delves the economy of Africa, which exposed to different shocks particularly the oil shock.
Keywords: Global Economy, Imbalances, African Economy, Monetary policy, Development
JEL Classification: E2, F31, H11
Suggested Citation: Suggested Citation