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DTIC ADA519033: The Global Economic Crisis: Impact on Sub-Saharan Africa and Global Policy Responses

Many analysts were initially optimistic that the impact of the global financial crisis on Sub- Saharan Africa would be negligible. Many African economies are among the least exposed to the global financial system, and African banks hold few of the toxic assets that helped spark the crisis. However, as the financial crisis has deepened into a global recession, most agree that Africa will be strongly affected. The International Monetary Fund (IMF) estimates that average economic growth in Africa will slow from an average of over 6% per year over the past five years to 1.5% in 2009. As a region, …