An Analytical Assessment of Financial Crisis in Developing Countries, Its Effects, Consequence....

This study arose from the necessity to review the global financial crisis and re-examine the subject of how successfully African developing countries' policy responses to the crisis fared. Two specific eras were chosen for the investigation of the effect of financial crises: the period during the financial crisis and the period after the financial crisis, a decade later. Current account as a percentage of GDP, external debt as a percentage of gross national income, exports of products as a percentage of GDP, openness of the economy, economic growth rate, inflation rate, and other indicators were utilised in the study of the crisis. credit to the private sector by banks as a percentage of GDP and foreign direct investment inflows as a percentage of GDP. The findings of this research reveal that the global financial crisis is long gone, but its effect on many developing countries continues to deepen as the prolong and protracted effect of the crisis continues to linger. The crisis has not only caused a serious setback on the growth momentum gained by developing countries, but it also may endanger hard won economic development striders garnered over the recent years.

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