TEIMUN 2011 11th July – 17th July
ECONOMIC & SOCIAL COUNCIL (ECOSOC) Topic II: World Economic Crisis & The Global Crisis Package
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Introduction Developing economies experienced an economic boom between 2002 and 2007. They had entered the new millennium in better shape than ever before with lower inflation, higher foreign investments, and a rapid decline in poverty. 1 These advances would not, however, be able to hold. The global financial crisis that erupted in 2008 and the economic recession that followed has been the worst economic downturn since the Great Depression of the 1930s. The crisis found its origins in the US housing bubble and financial markets, and deteriorated quickly after the collapse of investment bank Lehman Brothers. Advanced economies were most significantly affected by the crisis in the beginning, with serious credit crunches and major banks becoming unstable. The ramifications of the financial crisis were transmitted to all sectors of the economy: equity markets fell, housing bubbles deflated, production decreased, unemployment rates increased drastically, and countries’ account balances became highly instable.2 The crisis also had serious effects on emerging markets and developing countries. In Africa, the crisis was mainly felt through the collapse of commodity prices and the fall of export volumes, thereby negatively affecting the trade and current account balances of individual countries.3 The escalation of these economic events made global GDP and global trade in goods and services decline in 2009, for the first time since World War II. It resulted in a massive loss of household wealth in all parts of the world. The scale of the crisis was magnified by the devastating “business and consumer confidence in the face of rising doubts about economic prospects and continuing uncertainty about policy responses.”4 Policy responses to these developments were rapid, wide-ranging and primarily directed to save or restore the financial stability. A number of major banks in the United States and the European Union were supported by government funding. During the crisis, however, this support was not assured beforehand and these extended guarantees of bank liabilities and continued provision of liquidity did not convince markets completely. A second flow of policy responses was aimed at supporting economic recovery. In advanced economies, stimulus packages were provided so employees could remain working, to lower costs and support demand.5 In the second half of 2009, the first signs were visible of an economic recovery.6 7 1
YIFU LIN, Justin, The Impact of the Financial Crisis on Developing Countries, The World Bank, 2008 : 4. IMF, World Economic Outlook (April 2009). Crisis and Recovery, Washington D.C., 2009 : 1-5. 3 OECD, African Economic Outlook 2010 (Summary), Paris, 2011 : 2-3. 4 IMF, Economic Outlook, 2009 : 3. 5 Ibid., 6-9. 6 For country specific information on financial and economic stability, see the IMF „Global Financial Stability Report“ and the IMF „Regional Economics Outlook“. 7 IMF, World Economic Outlook (April 2011). Tensions from the Two-Speed Recovery: Unemployment, Commodities, and Capital Flows, Washington D.C., 2011. 2
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The Crisis The 2008 world economic crisis originated in the United States housing finance market. During the first decade of the 21st century, housing prices increased rapidly - a development that created a price bubble. Prices rose to multiple times the actual value of real estate. When the bubble burst, due to the size of the US economy, its damaging effects were global – they spread across borders, markets, and institutions. 8 The shock of the bubble was transmitted all over the world: consumers lost many of their assets by the abrupt price fall in real estate. Consumption fell, and many financial institutions that had backed their securities on subprime house mortgages were dragged down, often going bankrupt. This led to a general distrust and lack of lending and liquidity within the financial world and to businesses outside it. Between September and December 2008, stock markets around the world fell over 30%. No region was immune to the global crisis: all financially integrated countries experienced a deceleration in their GDP (Gross Domestic Product) growth rates, though some more than others.9 Unlike previous crises, the 2008 financial shock originated in a developed country and was worsened while spreading through other developed countries before reaching the developing and emerging economies. There, banks were affected by the shock, if they possessed too many assets contaminated by subprime mortgages. However, the larger problem seems to have been the general decline in stock market prices and housing prices. Many banks lost capital and faced solvency problems. 10 As one researcher puts it: “Reductions in bank lending will have the impact of reduced investment, lower growth, and an increase in unemployment. The latter will lead to reductions in demand, which, in turn, will reduce economic growth further. (…) this will translate into less government revenue, and consequently less means for governments to fight poverty.” 11
Economists agree that developing countries are not to blame for the 2008 crisis. However, they are one of its main victims. During the decade before the crisis, their economies profited from increased global trade and investment. However, larger economic integration has shown to bear a great risk when it comes to the propagation of global financial and economic crises.12 The Effect of the Crisis on Developing Countries 8
DIDIER, Tatiana, HEVIA, Constantino, SCHMUCKLER, Sergio L., How Resilient Were Emerging Economies to the Global Crisis?, Policy Research Working Paper 5637, The World Bank, April 2011 : 2-5. 9 ROGERS, F. Halsey, The Global Financial Crisis and Development Thinking, Policy Research Working Paper 5353, The World Bank, June 2010 : 8-10. 10 NAUDÉ, Wim, The Financial Crisis of 2008 and the Developing Countries, Discussion Paper No. 2009/01, United Nations University, World Institute for Development Economics Research, January 2009 : 4. 11 NAUDÉ, Idem, 2009 : 4-5. 12 ROGERS, Idem, 2010 : 18.
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A Decline in International Trade and Investment: During the second half of 2008, the recession deepened worldwide, and there was a large uncertainty as to how long and to what degree it would continue. Consumers in developed countries demanded less goods, so the prices for goods and commodities fell, as well as the amount of trade. Between April 2008 and January 2009, global export volumes dropped by 22% - 25%. Exporter countries received less money and sold fewer goods. This collapse in trade resulted in less industrial production and the closing of mines, factories and other production facilities, in developing countries especially. 13 Unemployment had already been on an upward trend since 2007, but the International Labour Organization (ILO) had to correct its estimates for 2009 to include additional 29 million newly unemployed people worldwide.14 On the African continent, the effects of this decline are visible. Commodities, such as diamonds, coffee, rubber or copper are the main export goods for many African countries. Dropping demand for these goods raises unemployment and decreases incomes. In countries and provinces that rely on exporting mining products (copper in the Katanga province in DR Congo, Zambia and South Africa, for example) or large-scale agricultural production (such as rubber in Liberia), thousands of workers have been laid off. Many of them were migrants from neighboring countries, who are now no longer able to send remittances to their families at home.15 However, not only the commodities market is suffering. Regions relying on industrial production have deeply felt the decline in global demand as well. During the last decade, developing countries in Asia had been coming out of extreme poverty – many of them could have reached some of the Millennium Development Goals16. But this progress is in danger of being reversed by the economic crisis. One of the many hard-hit industries in Asia is the garment industry. Women working in clothing factories in Bangladesh, Cambodia, Pakistan and Sri Lanka, for example, face unemployment. Having lost this important income, the task of feeding their families is a great challenge. Migrant workers in factories all over Asia are being forced to return to their home countries and take up agricultural activities again, just to survive. 17 Foreign investment is a basic requirement for developing countries to be able to keep up economic growth, trade and development. These capital flows might come from official 13
DIDIER, Tatiana, How Resilient Were Emerging Economies to the Global Crisis?, April 2011 : 16-17. ILO, News Archives May 2009, (http://www.ilocarib.org.tt/portal/index.php? option=com_content&task=view&id=1272&Itemid=1335). 15 UNDP, „The Economic Crisis in Africa“, (http://www.undp.org/economic_crisis/africa.shtml). 16 For more details on the Millennium Development Goals, go to (http://www.un.org/millenniumgoals/). 17 UNDP, „The Economic Crisis in the Asia-Pacific Region“, (http://www.undp.org/economic_crisis/asia.shtml). 14
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development assistance (sent by other governments), investment flows (mostly from large companies), trade credits (from international financial institutions) and remittance flows (usually money sent home by migrant workers). These flows have been negatively affected by the crisis.18 The resulting decline in financial resources in developing countries is estimated between 300 and 400 billion US-Dollars. Low investment, resulting in low production, consumption and government expenditure has had the effect of increasing unemployment and therefore more poverty. 19 A Decline in Social and Political Stability: A rise in unemployment usually increases poverty. It is likely that developing countries are therefore experiencing an increase in absolute and relative poverty (inequality). The ILO has set up a poverty line at an income of two US-Dollars a day or less. It estimates that the crisis has increased people living below that line by 100 million. 20 According to the World Bank, an additional 40 million people are expected to fall into poverty as a result of the 2008 economic crisis.21 Greater poverty usually brings along greater inequality among a country’s population. Some people are more affected by economic turbulences than others: geographical isolation and poor connectivity with national and global markets might, in some cases, have a buffering effect on some people. The urban poor, in that case, are more affected than the rural poor.22 The heightened poverty and the additional problem of greater social inequality have lead to social tensions, especially in sub-Saharan African countries in 2008 and 2009 (for example the protests in South Africa in 2009). Weakened governments face problems when trying to contain the crisis with responding policies. Some policies, implemented to protect the economy, may, however, have a limiting effect on foreign trade. This can cause discontent among people who rely on foreign trade, but despite these policies, social tensions have generally been contained. This is due to governmental measures to sustain internal demand and their willingness to dialogue. In 2009, several African countries held democratic elections and rebellions generally calmed down.23 However, especially post-conflict and other fragile states, where institutions are weak and where not enough investments flow in, are in danger of
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YIFU LIN, op.cit., 2008 : 10-11. NAUDÉ, op.cit., 2009 : 6-7. 20 NAUDÉ, op.cit., 2009 : 8-9. 21 As reported by „The Guardian“, (http://www.guardian.co.uk/business/2008/nov/12/world-bank-povertydeveloping-nations). 22 NAUDÉ, op.cit., 2009 : 9 23 OECD, African Economic Outlook 2010, Summary in English, Paris, OECD Rights and Translations Unit, 2010 : 4. 19
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a pandemic of political unrest.24 Political governance and stability in Africa has to be strengthened: the civil society must be able to become more involved in the political process and government institutions must be improved by political reforms. This can only be achieved when governments will find ways to get over the effects of the economic crisis – otherwise, a downward spiral might make it impossible for the social and political situations to remain or become stable.25 A Decline in Food Security: Before the economic crisis of 2008, developing countries throughout the world already experienced a food crisis due to high prices. In 2006, food prices throughout the world market started rising, reaching their peak in 2009 in most countries. 26 This rise in food prices is due to an economic boom in the developed countries between 2002 and 2007 (the same boom that helped create the housing market bubble). High food prices might give an incentive to crop producers to raise their output, but the local population cannot afford the food anymore. A 2009 FAO report states that: “(…) in 2006 domestic staple food prices in developing countries typically increased by 48% in real terms during the world food crisis. Given that most of the world’s poor are net food consumers, such large price increases (…) had severe impacts on the effective purchasing power of the poor, which in turn likely affected the number of meals eaten as well as the nutritional quality of food consumed. (…) Thus, many poor people are faced with higher food prices in the midst of a global economic slowdown.”27
The 2008 economic crisis worsened the food situation even more. While the prices of oil and other commodities went down on the world market because of the crisis, food prices have globally risen to nearly double any historical levels. According to the Food and Agriculture Organization (FAO), at least 20 African countries are experiencing food crises.28 According to the 2009 United Nations Millennium Development Goal Report: “The declining trend in the rate of undernourishment in developing countries since 1990-1992 was reversed in 2008, largely due to escalating food prices. (…) Rapidly rising food prices
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ARIEFF, Alexis, WEISS, Martin A., JONES, Vivian C., The Global Economic Crisis: Impact on SubSaharan Africa and Global Policy Responses, Congressional Research Service Report, Washington D.C., 2010 : 23. 25 OECD, op.cit., 2010 : 5. 26 DAWE, David, MORALES-OPAZO, Cristian, How Much Did Developing Country Domestic Staple Food Prices Increase During the World Food Crisis? How Much Have They Declined?, ESA Working Paper No. 0909, FAO, 2009 : 2-5. 27 DAWE, op.cit., 2009 : 7. 28 ARIEFF, Idem, 2010 : 22.
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caused the proportion of people going hungry in sub-Saharan Africa and Oceania to increase in 2008. When China is excluded, the prevalence of hunger also rose in Eastern Asia.” 29
Even if there hadn’t been an economic crisis in 2008, many developing countries would have had a serious food issue. Consequently, the situation has been worsened by the crisis, which means that people cannot afford to buy sufficient food, and at the same time, governments and their economies cannot afford to do anything about it. A Slowdown in Development: The crisis dealt a severe blow to foreign investment in the developing markets. The 2002 – 2007 boom was mostly held up by those investments. Since 2008, lenders have stopped investing in developing countries for fear of the risk of losing the money to a new market shock. Many projects that were started before the crisis have either been given up by the investors, creating local unemployment, or have been standing still ever since.30 The UN Millennium Development Goals have their achievement date set at 2015. It is however unlikely that any of them will be achieved. The 2008 economic crisis stagnated or even reversed any advances towards the 2015 deadline in most of the countries in question, knocking them off track.31 The first MDG, “Eradicating Extreme Poverty and Hunger”, is fundamental for the fulfillment of all the others. 32 The African Development Bank estimates that the African continent on the whole would need another 50 billion US-Dollars per year to reach the GDP growth rates to fulfill MGD 1. 33 Africa contains some of the world’s poorest regions. It is estimated that the crisis has increased the amount of people living in poverty (see above, in “A decline in Social and Political Stability”) and that the per capita GDP growth will contract in many African countries. The food crisis has had an even more devastating impact on poverty. Governments cannot afford sufficient social security systems in times of rising poverty and hunger, as they are already under too much financial strain due to falling investments. This will have a direct impact on MDG 4, “Reducing Mortality of Children Under Five”: the World Bank estimates that the crisis will cause 30’000 to 50’000 additional infant deaths.34 Similar situations can be seen in many other developing countries struggling
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UNO, „The Millennium Development Goal Report“, New York, 2009 : 11 (http://www.un.org/millenniumgoals/reports.shtml). 30 YIFU LIN, op.cit., 2008 : 10-11. 31 OECD, op.cit., 2010 : 4. 32 For more information on the MDGs, see (www.un.org/millenniumgoals/). 33 OECD, op.cit., 2010 : 4. 34 ARIEFF, op.cit., 2010 : 20-21.
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with the crisis. Poverty, causing lack of education and malnutrition among children and young adults can have long-term effects, as mentioned by the UNDP: „When children grow up lacking education and suffering from the effects of malnutrition, they face irreversible physical and cognitive consequences for their development. Transient poverty can have consequences over the long run. This, in turn, affects a country’s long-term human and economic development prospects, meaning that the losses of today can translate into losses for generations to come.”35
International Reactions and Initiatives: the Global Crisis Package Foreign Aid: The crisis started in developed countries, then spread to developing countries. This gives a certain hope that the developed countries, once they have started recovering, might act in favor of the less fortunate.36 In April 2009, the Group of Twenty (G-20) 37 member states met in London and agreed to inject one trillion US-Dollars into the world economy. This crisis package was meant to combat the effects of the global crisis. It also included a commitment made by the member states to support the growth of emerging markets and developing country economies. The Group of Eight (G-8) member states who’s representatives met in L’Aquila (Italy) in July 200938, were determined to assist developing countries in coping with the effects of the crisis, and committed to improve aid effectiveness and strengthen any initiatives to reach the MDGs. The United States led the G-8 in their commitment to mobilize 20 billion US-Dollars over the next three years to assist agricultural development – this in addition to prior commitments of humanitarian aid in emergency cases. The United States promised to double what they had been giving in agricultural support to over one billion USDollars in 2010, and to raise that to 3.5 billion over the next three years. However, observers do not expect it to be likely that these promises will be upheld (taking into account the current US financial situation).39 Also in response to the economic crisis, the European Union (EU) has promised developing countries 50 billion Euros in Official Development Aid (ODA), which represents 59% of its overall ODA. It has also called for an extra 20 billion Euros from its member states. The EU states that: 35
UNDP, „The Economic Crisis“, (http://www.undp.org/economic_crisis/overview.shtml). GRIFFITH-JONES, Stephany, OCAMPO, José Antonio, The Financial Crisis and it impact on developing countries, Working Paper No. 53, UNDP International Policy Centre for Inclusive Growth, April, 2009 : 11. 37 For more information about the G-20, see (http://www.g20.org/index.aspx). 38 For more information on the G-8 summit in L’Aquila, see (http://www.g8italia2009.it/G8/G8G8_Layout_locale-1199882116809_Home.htm). 39 ARIEFF, op.cit., 2010 : 23-24. 36
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“This increase in ODA is essential for participating in economic recovery and meeting the Millennium Development Goals (MDGs). Aid must be supplemented by the use and mobilisation of other development resources and instruments. This is the case for export credits, investment guarantees, technology transfer and innovative development funding mechanisms.“40
Some of the largest developing countries are following suit and helping the smaller ones financially. China, Korea and India have announced large fiscal stimulus packages (amounting to several billion US-Dollars each). 41 Hopefully, they will also serve as an example to those countries that have not yet decided to stimulate developing economies. International Financial Institutions and International Organizations: In retrospect, it is clear that the 2008 crisis can be associated with inadequate regulation and supervision of banks and financial markets. A new regulatory governance is needed, which could be based on a network of national and regional authorities and include international supervision of global financial institutions. Developing countries should be adequately represented, and they should have enough flexibility to be able to expand at an adequate rate. However, before such efforts can be made, what developing countries need most is basic economic help.42 International financial institutions such as the World Bank, the African Development Bank (AfDB) and the International Monetary Fund (IMF) have all been lending assets to developing economies since the beginning of the crisis. They have also modified their loan and assistance programs, now aimed at “offsetting budget shortfalls, increasing liquidity, and providing financing for infrastructure and trade finance – all of which are considered by many analysts to be crucial to Africa’s eventual economic recovery.” 43 For example, fifteen African countries are benefiting from the World Bank’s “Financial Crisis Response Fast-Track Facility”, which allows an uncomplicated loan of 2 billion US-Dollars. 44, 45
The African Development Bank announced four initiatives to counter the crisis in 2009,
involving an emergency liquidity facility, a trade finance initiative, a framework to facilitate the access of African countries to development resources, and an improved policy advisory 40
EU, „Supporting developing countries in coping with the crisis“, (http://europa.eu/legislation_summaries/development/general_development_framework/dv0005_en.htm). 41 NAUDÉ, op.cit., 2009 : 11. 42 GRIFFITH-JONES, Idem, 2009 : 11-12. 43 ARIEFF, op.cit., 2010 : 24. 44 WORLD BANK, (http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22006426~pagePK:34370~piPK:3442 4~theSitePK:4607,00.html). 45 For other World Bank initiatives, see (http://www.worldbank.org/financialcrisis/bankinitiatives.htm).
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support.46 The International Monetary Fund is often called the lender in last resort, because, unlike the World Bank and the AfDB, it provides loans to countries that cannot meet international payments and cannot borrow money from other countries at affordable terms. It is increasing its assistance in response to the crisis.47 As to International Organizations, most of them have felt the impact of the crisis in the accomplishment of their missions. Different decisions have been made to aid developing countries in one way or another. A few examples follow. The UN Department of Economic and Social Affairs (DESA), for example, has implemented “capacity development interventions”. These include, among other measures, direct advice to developing countries and assistance in macroeconomic policy analysis, especially in view of realizing the MDGs. It also conducted a world population census in most countries in 2010, so as to know how migration, housing and employment were affected by the crisis.48 The UNDP promises to support developing countries by: „Designing social protection programmes and safety nets; creating jobs through investment in labour-intensive infrastructure; increasing the income and productivity of small farmers; improving the monitoring of human development impacts of the crisis; ensuring the continued financing of essential services like access to health and education; strengthening institutional capacity to manage official development assistance; advising on fiscal strategies and countercyclical policies; mobilizing additional resources; addressing the food crisis.” 49
The ILO wants to support the policies governments set up in response to the crisis to maximize future employment. To do so, it wants to ensure that: “Lasting damage to the productivity of the labour force is avoided and investment in future improvement maintained; the most vulnerable members of the labour force are well protected and do not become separated from the labour market; sustainable enterprises, particularly smaller firms, are assured of adequate financing and readied for the recovery; and (that) institutions for social dialogue are fully utilized to share information and determine agreed policy responses.”50
These are only a few of the many International Organizations and International Financial Institutions that have set up policies to relieve developing countries after the crisis, and there are, of course, many more examples of such international initiative.51 46
AfDB, (http://www.afdb.org/en/topics-and-sectors/topics/financial-crisis/). ARIEFF, 2010 : 26-27. 48 DESA, (http://www.un.org/en/development/desa/financial-crisis/index.shtml). 49 UNDP, (http://www.undp.org/economic_crisis/overview.shtml). 50 ILO, Policy Responses to the Economic Crisis, 8th European Regional Meeting, Lisbon, 2009 : 10-11. 51 See, for example, the United Nations Conference on Trade and Development, (http://www.unctad.org/Templates/StartPage.asp?intItemID=2068). 47
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Conclusion The global economic crisis that started in 2008 has shown that a market economy, when left on its own, can be very volatile and unpredictable. The outcome of this unpredictability can be devastating when it comes to a shock such as the one we have experienced recently. The market on its own cannot guarantee stability. What the crisis has also shown is that governments sometimes need help to stabilize their economies. Some countries were harder hit than others, in developed, as well as in developing regions. Though the crisis was not caused by the developing countries, unfortunately, they had to bear the brunt of the economic shock. Recovery, though it has been tackled in most developing countries hit by the crisis, is very heterogeneous. The relative economic resilience of the countries or regions in question has played a large role in whether or not the country has been able to start recovering.52 There has been help, though. International Organizations and Financial Institutions, as well as some countries that were not as badly hit, are trying to help. However, more help is needed and predictions are hard to make because of the many uncertainties involved – nobody really knows how dark or how bright the future will be. Challenges for the ECOSOC ●
Due to the drastic drop in trade, developing countries are experiencing a decline in their production and therefore a significant rise in unemployment. How is the ECOSOC willing to address this issue as a council?
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Unemployed migrant workers are in a difficult situation: they can no longer send their salary back home as remittances to support their families. Once returned home, they cannot find employment there either. How will the ECOSOC react to this dilemma?
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Unemployment also leads to increased poverty, hunger, and therefore a setback in economic and social development. Malnutrition and lack of education of an entire generation will create enormous long-term problems. What stance will the ECOSOC take in this matter?
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There have been initiatives both from governments and from the international world to help developing countries recover from the crisis. However, much more help is needed. How can the ECOSOC encourage this kind of help? What can the Council do to ensure that such a crisis will not happen again?
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DIDIER, op.cit., 2011 : 12.
Bibliography and further reading Articles: ARIEFF, Alexis, WEISS, Martin A., JONES, Vivian C., The Global Economic Crisis: Impact on Sub-Saharan Africa and Global Policy Responses, Congressional Research Service Report, Washington D.C., 2010. DAWE, David, MORALES-OPAZO, Cristian, How Much Did Developing Country Domestic Staple Food Prices Increase During the World Food Crisis? How Much Have They Declined?, ESA Working Paper No. 09-09, The Food and Agricultural Organization (FAO), Agricultural Development Economics Division, July 2009. DIDIER, Tatiana, HEVIA, Constantino, SCHMUCKLER, Sergio L., How Resilient Were Emerging Economies to the Global Crisis?, Policy Research Working Paper 5637, The World Bank, April 2011. NAUDÉ, Wim, The Financial Crisis of 2008 and the Developing Countries, Discussion Paper No. 2009/01, United Nations University, World Institute for Development Economics Research, January 2009. ROGERS, F. Halsey, The Global Financial Crisis and Development Thinking, Policy Research Working Paper 5353, The World Bank, June 2010. YIFU LIN, Justin, The Impact of the Financial Crisis on Developing Countries, The World Bank and The Korea Development Institute, Seoul, 2008. Other sources: DESA (United Nations Department of Economic and Social Affairs), „Financial and Economic Crisis“, (http://www.un.org/en/development/desa/financial-crisis/index.shtml). EU (European Union), “„Supporting developing countries in coping with the crisis“, (http://europa.eu/legislation_summaries/development/general_development_framework/dv00 05_en.htm). G-8 (Group of Eight), Summit in L’Aquila, Italy 2009, (http://www.g8italia2009.it/G8/G8-G8_Layout_locale-1199882116809_Home.htm). G-20, (Group of Twenty), (http://www.g20.org/index.aspx). GUARDIAN, The, (http://www.guardian.co.uk). ILO (International Labour Organization), (http://www.ilo.org). ILO, Policy Responses to the Economic Crisis, 8th European Regional Meeting in Lisbon, February 2009 : 10-11. IMF, Global Financial Stability Report (April 2011). Durable Financial Stability: Getting There from Here, Washington D.C., 2011. IMF, World Economic Outlook (April 2009). Crisis and Recovery, Washington D.C., 2009. IMF, World Economic Outlook (April 2011). Tensions from the Two-Speed Recovery: Unemployment, Commodities, and Capital Flows, Washington, D.C. 2011. IMF – Regional Economic Outlook Reports, (http://www.imf.org/external/pubs/ft/reo/reorepts.aspx) (accessed 25 April 2011). OECD, African Economic Outlook 2010, Summary in English, Paris, OECD Rights and Translations Unit, 2010. OECD, African Economic Outlook 2010 (Summary), Paris, 2011. UNCTAD (United Nations Conference on Trade and Development), (http://www.unctad.org/Templates/StartPage.asp?intItemID=2068). UNDP (United Nations Development Programme), “The Economic Crisis”, (http://www.undp.org/economic_crisis/). UNO (United Nations Organization), “The Millennium Development Goal Report”, New York, 2009, (http://www.un.org/millenniumgoals/reports.shtml). UNO “Millennium Development Goals”, (www.un.org/millenniumgoals/). WORLD BANK, The, (http://www.worldbank.org/). 2