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From a policy brief from the United Nations University: We have Clonazepam Online Canada already witnessed over the past year brave and even imaginative efforts by many developing countries in order to Clonazepam Online Canada cope. Developing countries with the largest and strongest economies, such as China, India and Clonazepam Online Canada Brazil, have shown encouraging early signs of recovery after implementing timely countercyclical policies. In many African countries governments have Clonazepam Online Canada been proactively attempting to protect their economies. In many (including Botswana, Mauritius and South Africa) governments have Clonazepam Online Canada increased their expenditure. Ghana, facing a large budget deficit, is negotiating assistance from Clonazepam Online Canada the IMF. Kenya and Tanzania are carefully monitoring their economies. The African Development Bank reacted quickly by identifying the Clonazepam Online Canada most vulnerable countries and making emergency finances available. Many longterm investment projects in Africa, many in critical infrastructure, seem to Clonazepam Online Canada remain in place.

The fact that Clonazepam Online Canada many developing countries can now act in this way is quite in contrast to Clonazepam Online Canada their actions during previous global recessions, such as those in the Clonazepam Online Canada early 1980s, 1990s and in 1998. Then, developing countries, especially those in Africa, were much less well-managed. Deficits were high and Clonazepam Online Canada reserves were low. Consequently, when global growth declined, these economies shrunk substantially. This time around, with a Clonazepam Online Canada few exceptions, developing countries have, on average, had more leeway: deficits are Clonazepam Online Canada lower and reserve holding is much better. In Asia, valuable lessons were learnt after the Clonazepam Online Canada 1998 financial crisis, the actions Developing countries should not expect too much assistance from Clonazepam Online Canada the rich world implemented in response to this have resulted in their economies becoming less vulnerable to Clonazepam Online Canada financial shocks. Many countries here, such as China and South Korea, accumulated large foreign exchange reserves in order to Clonazepam Online Canada insure themselves against such crises. While this reflects on an international financial system that Clonazepam Online Canada is not trusted by developing countries, it does show that developing countries can Clonazepam Online Canada and will act in their own best interests.

It also needs to Clonazepam Online Canada be pointed out that improvements in macro-economic management in many developing countries have Clonazepam Online Canada resulted in improvements in governance – including improvements in many African countries. These improvements, including more robust democracies; more frequent elections; initiatives to Clonazepam Online Canada reduce corruption and end conflicts; and to empower women, are largely home-grown. It would be Clonazepam Online Canada very difficult to argue that they were the outcome of Western aid or Clonazepam Online Canada pressure. This means that better governance, which leads to better resilience in the Clonazepam Online Canada case of financial and economic shocks, have most often been achieved without, or Clonazepam Online Canada even in spite of, Western aid.

If this Clonazepam Online Canada crisis can ever be said to have a positive outcome, it Clonazepam Online Canada may be that of developing countries showing that they can and Clonazepam Online Canada should manage by themselves and collaborate with regional institutions and the Clonazepam Online Canada UN development system. They still are – and this is another lesson from the crisis – very dependent on global economic growth, but unlike in the Clonazepam Online Canada past, the extent of the rest of the world’s, in particular the West’s, dependence on developing countries is Clonazepam Online Canada also becoming abundantly clear. Demand in the West will be low and Clonazepam Online Canada sluggish for years to come. Global growth depends now more than Clonazepam Online Canada ever on growing demand in developing countries. The days of the Clonazepam Online Canada USA as a ‘consumer of last resort’ (as described by Joseph Stiglitz) are over.

The full document [pdf] is here

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