ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Waving or Drowning

Developing Countries after the Financial Crisis

The world economy is yet to move towards strong and sustained growth after the onset of the great recession in 2008. Even if the crisis in the North is resolved, developing countries are likely to encounter a much less favourable global economic environment in the coming years than they did earlier. If they wish to repeat the spectacular growth they enjoyed in the run-up to the crisis, they need to improve their own growth fundamentals, rebalance domestic and external sources of growth, and reduce their dependence on foreign markets and capital. This requires abandoning the Washington Consensus, and seeking strategic rather than full integration with the global economy.

With due acknowledgement to Stevie Smith’s “Not Waving but Drowning”. This is an abridged version of a paper issued with the same title as South Centre Research Paper No 48, June 2013.

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