How Will the Financial Crisis Impact on the Developing World and What Can Be Done About It?

Following the US subprime mortgage crisis of 2007.2008, the world is now staggering from financial to economic crisis as many high.income economies are officially in recession. Now, having decimated Wall Street and then crippled Main Street, the financial crisis seems like a hurricane about to sweep across the developing world. In this article, which is based on a more substantial UNU.WIDER Discussion Paper, I look at how the financial crisis may sweep across the developing world. I also ask what can be done to overcome the worst of the crisis and alleviate the impact thereof on the poor.