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The Global Financial Crisis and Trade Prospects in Small States

image of The Global Financial Crisis and Trade Prospects in Small States

This is the first study to look at the trade effects on small states of the current global slowdown. Export industries in these countries have been affected at least as much as those of other developing countries. Given their reliance on trade, this means that the overall economic impact on small states may be greater than for other developing countries, all the more so for those countries exporting minerals and fuels, and ‘luxury’ goods and services, such as beef and tourism. The authors suggest a number of policy responses for governments of small states which may help to address the issues that arise.

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Summary

This study is the first to look at the trade effects of the current global slowdown on small states. Small states’ exports seem to be affected at least as much as other developing countries’ exports. Given the reliance of small states on trade, this means that the effects on their economies may be more sizeable than for other developing countries. We find that those countries exporting minerals and fuels, and ‘luxury’ goods and services, such as beef and tourism, are likely to be more affected.

English

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