Is there a developing country perspective (or perspectives) that are distinct from the general commentaries in rich countries?
Jomo K.S.: Once again, developing countries will have to bear the brunt of the global financial crisis originating in the U.S. and other developed countries. The financial positions of many developing countries are much stronger than they were at the time of the financial crises in Asia and Latin America, given their strong foreign reserve positions and generally better fiscal balances. Yet, this does not mean these countries are immune to the crisis originating in the developed countries as suggested by those who claim that the larger developing countries have “decoupled” from the U.S. economy. The financial crisis is likely to lead to a severe and possibly protracted downturn in the global economy which will depress commodity prices and foreign investments once again. Further, the U.S. dollar is likely to continue to depreciate. The brief resurgence this fall is not likely to last, given the huge U.S. trade and budget deficits. As most reserves of developing countries are held in dol
Is there a developing country perspective (or perspectives) that are distinct from the general commentaries in rich countries?