The Global Financial Crisis: How Developing Communities are Coping
The global financial crisis has left few nations untouched and is hitting developing countries especially hard, as we were recently reminded by China’s Hu Jintao who used the crisis as a rally call for China’s sometimes questionable relationship and interest with impoverished African countries (think Zimbabwe). Hu recently tied up a tour of Africa as part of China’s attempts to foster close ties with the continent.
Hu’s African tour, despite China’s personal interest in the region, has highlighted the obstacles developing countries – not just in Africa but around the world – face during these challenging times:
“The impact of the crisis on economies around the world is still deepening and its grave consequences will be felt more in the days to come,” he said in a speech at a town hall gathering in the Tanzanian capital Dar es Salaam.
“It has put developing countries in a particularly disadvantaged position. Many African friends are concerned that in the face of the daunting challenges of the financial crisis, their international developing partners may scale back aid, debt relief and investment in Africa,” Hu said.
So how are developing communities coping and is it possible for them to be self-sustainable in the context of such a weak world economy?
One village in Thailand has found a solution:
During a period when foreign aid risks falling victim to strained resources, less money and donor fatigue, it’s always great to see communities find solutions on their own in creative and effective ways.