HOW THE WORLD IS HELPING AFRICA OVERCOME THE CRISIS AND ACCELERATE ITS ECONOMIC DEVELOPMENT
A. P. KOVALCHUK Candidate of Economic Sciences Institute of Africa, Russian Academy of Sciences Key words: official development assistance, Africa, global financial and economic crisis, global economic development model The ongoing global financial and economic crisis certainly affects the development of most African countries, including those that have long been supported and continue to be supported by developed donor countries. However, today they also need an influx of external financial resources. The debt crisis has ceased to be an iconic feature of backward economies and has come to Western Europe. Now many rich countries no longer have the same resources, their financial and economic situation has noticeably worsened, and despite the anti-crisis measures taken, they are forced to reduce spending. In most of the developed countries that served as donors to African countries, production continues to fall, investors remain uncertain, and budget problems are growing. The incalculably high social obligations of the "welfare society", an overestimation of its material and financial capabilities, costly military adventures, etc.gradually led to an overstrain and destabilization of the economies of Western countries. 1 In 2007, the world entered a global financial and economic crisis unprecedented since the Great Depression, which, according to the very convincingly reasoned concept of Russian researchers L. L. Fituni and I. O. Abramova, marks the beginning of the transition to a new model of world economic development (MMED). In this model, the balance of economic forces in the world is significantly changing and new paradigms of trade, financial and other economic relations between countries are maturing.2 DID AFRICA SURVIVE? The first wave of the crisis, which occurred in 2007-2009, bypassed the States of the African continent.3 The main indicators of their financial and real sectors of the economy, as a whole, according to experts, have remained very good all th ... Read more
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Tokyo, Japan
17.01.2024 (159 days ago)
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