The global economies have gained significantly from the recent crisis with most policy makers focusing on the most proficient way of dealing with the chaos. In addition to the current and short term solutions, policy makers have found it necessary to institute changes in order to ensure that the immediate effects of the crisis have been handled.
However, as indicated by Nabli (2010: 14), less has been done to address the medium and long term impacts of this crisis, with implications such as poverty and reduction in development standards looming in the air. In the study, Nabli (2010) portrayed the growth prospects of the countries in the pre-crisis period, with most of the countries studied experiencing ballooned growth especially in the financial sectors.
From 2003 through 2007, the global climate was represented by huge capital flows from the developed and advanced countries to the emerging countries owing to the immense investment opportunities in those countries as indicated on appendix 5. Most countries classified as developing and underdeveloped benefited from these inflows during the boom period. An expansion ofGDPwas observed in most countries, with the demand and supply of goods and services such as oil rising significantly.
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