The Mediterranean countries facing the global financial and economic crisis

Abstract EN

The world is facing the most severe economic crisis it has seen in decades.

This crisis originated in the financial sector of developed economies and was caused by the problem of subprime mortgages and the collapse of mortgage-backed securities in the United States.

The financial crisis had immediate repercussions in developing countries which were closely linked to global financial markets through the flight of capital to safe havens and the rapid flight of capital from emerging market economies to advanced economies, in particular the States.

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At the same time, the world's population is hit by a food crisis, energy crisis, climate change, poverty and uncertainty about the future.

Despite their economic size, the industrialized countries fell into recession.

Developing countries will be more affected by this crisis.

Trade and investment liberalization erode domestic agriculture and industry.

People in developing countries are noticing a decline in development assistance due to financial difficulties around the world.

The objective of this article is to propose an initial assessment of the effects of the financial and economic crisis on developing countries and in particular on third Mediterranean countries, the conclusions and the main recommendations.