The global economic crisis created by the financial crisis of 2008 has affected developed and developing countries alike. However, the impact will be much greater in some low income developing countries, including many African, Caribbean and Pacific (ACP) states, with limited capacity to address its consequences. Recent reports show that over 15 ACP states face a potential negative impact from this economic crisis of 4% or more of their gross domestic product (GDP).
Consequently, the crisis will adversely impact on growth in ACP countries. It will retard progress towards achieving Millennium Development Goals (MDGs) given their economic and trade weaknesses including undiversified export base, high dependence on external sources of revenue, small markets and high transport costs.