According to the USAID (2009), the just ended global crisis adversely affected the demand, output and employment levels in most economies across the globe. In theMiddle East, the economic impact is indicated by appendix 9. Appendix 6 and 8 indicates the effect of the crisis on international trade before and during the crisis.
The crisis originated from the subprime lending in theUS, affecting the mortgage market, and gradually graduated into the financial sector in the country. According to the World Bank (8), the impact on the financial sector culminated in the spread to other regions and economies, leading to a global crisis, with developing and underdeveloped countries experienced varied magnitudes of adversities. Estimates by the World Bank, IMF and other global, regional and national institutions have predicted the reality of an economic downturn with the only variations being in the magnitude of the slump. Each of the economies across the globe is bound to experience changes in demand, supply or demand and supply of goods and services, thereby compromising its ability to achieve growth projections or sustain development policies.
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