Impact of Global Economic Crisis on Developing Countries - An Overview

16 Pages Posted: 11 Jan 2011

Date Written: January 10, 2011

Abstract

Ever growing poverty, unemployment, huge inequality between rich and poor countries are witnessed to the nightmare and failure of world economy first time in the 21st century. The present economic crises across the globe are said to be the result of neo-economic theories such as Thatcher-Regan free market model which dominated world economic philosophy more than 30 years. The series of the current global financial crisis, particularly in USA and the European countries service industry, Automobiles industry and Information Technology and its related services, are become a global threat where it swallows developing countries economies one by one. Many studies said that this is the result of failure of free market model where the government intervention in trade and commerce is negligible. In a free market economic model, there is a close collision among trade, commerce and Politics which leads to manipulation of market by a few market leaders with the cost of a huge number. In this juncture, this is the time to find out an appropriate solution to cue and accelerate the economic growth. In this paper an earnest attempt is made to study the impact of global economic crisis on developing countries which are often become puppets in the hands of developed countries. This paper speaks in three core areas where the first section deals introduction of the study, the second section deals, heart of this paper, impact of the global economic crisis on developing countries particularly South Asia, Africa and India and the last section speaks out some possible conclusions.

Suggested Citation

Malepati, Venkataramanaiah, Impact of Global Economic Crisis on Developing Countries - An Overview (January 10, 2011). Available at SSRN: https://ssrn.com/abstract=1737834 or http://dx.doi.org/10.2139/ssrn.1737834

Venkataramanaiah Malepati (Contact Author)

University of Gondar ( email )

Gondar, Amhar 196
Ethiopia

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