Thus, immediately prior to the meeting of the Group of 20 (G-20) ministers of finance in London at the beginning of September the Managing Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, was concerned that the recovery was both fragile and slow-moving. Top of pageДЎThe worldwide measures to deal with the gravest economic crisis since the Great Depression in the 1930s began to show the first signs of recovery in late summer and early autumn 2009.

A shift in power and influence that was already noticeable before the financial crisis is deepening. They are under pressure from the international institutions to relax their previous dominance in favour of the increasingly strong emerging countries. Their readiness to provide more extensive aid is limited. The industrialised countries are for the most part more concerned with their own problems. Developing countries have also increased their cooperation with one another and are urgently demanding a greater voice in global economic affairs. However, many countries have made considerable efforts to mitigate the effects. Many developing countries did not and do not have the resources to stimulate the economy and protect their socially disadvantaged populations to the same extent as the industrialised countries. Attainment of the Millennium Development Goals is seriously jeopardised in many countries. The crisis was transmitted primarily by trade and financial flows forcing millions back into poverty. And the incipient recovery that is becoming noticeable is, for the time being, restricted to only a few countries and regions. The closer the developing countries are interconnected with the world economy, the crasser the effects. Every country had different challenges to master. Developing countries were hit hard by the financial and economic crisis, although the impact was somewhat delayed.

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