The Commonwealth and the Economic Crisis

It is well known that the current global economic crisis originated in the United States housing market and spread through the financial systems of the US and Western Europe. The crisis has had an impact across the globe and especially for the poorest. In developing countries the initial concern was that the crisis would be transmitted from the advanced countries through the financial sectors. In fact, the greater effects have been on businesses and households as demand for goods and services from abroad slowed, negatively impacting employment and livelihoods.