The worldwide measures to deal with the gravest economic
crisis since the Great Depression in the 1930s began to show the first signs of
recovery in late summer and early autumn 2009. Most predictions are still
cautious. Thus, immediately prior to the meeting of the Group of 20 (G-20)
ministers of finance in London at the beginning of September the Managing
Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, was
concerned that the recovery was both fragile and slow-moving. He warned against
growth without employment and against discontinuing the economic stimulation
programmes too early, and he also demanded coordinated measures on an
international plane (Strauss-Kahn 2009).
The various predictions, particularly for China, India, Brazil,
Japan and a few other Asian countries, were optimistic. The United Nations (UN)
Economic Commission for Latin America and the Caribbean also predicted a return
to positive growth in 2010. But by far not all the countries and regions
reported a brightening of the economic prospects in early autumn. The crisis is
by no means over for the majority of the developing and transition countries.
As inconsistent as the recovery pattern is now, there was a
similar lack of consistence in the impact of the financial and economic crisis
on the individual countries and regions worldwide. For a long time it was hoped
that the threshold and developing countries would be able to disconnect from
the financial crisis in the developed countries of America and Europe due to
their improved macro-economic structural conditions. However, the notion of
disconnecting from the crisis proved false. The crisis did impact the
developing countries, principally via financial flows and through trade. The
developing countries and international organisations took a number of steps to
mitigate the effects of the crisis, but with varying results. The agenda of
international discussions is still set bearing in mind the interests of the
rich countries
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