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The global crisis caused by the COVID-19 pandemic has magnified the risks of low levels of economic diversity and the reliance on limited economic activities, products or … There can be necessary actions performed to increase the competition between banks for better performance. This loss in the earnings will account to one fifth of the GDP which is five times the avail given to the region.

South Africa faces a choice between loosening the grip of vested interests to embrace radical - and likely painful - reform, or risking a sovereign debt crisis and …

The integration between both the regions decreased after the effect of global economic crisis leading to further impacton the economy of the sub Saharan Africa countries. Economic growth and job creation are virtually non-existent, and both are below population growth. There was a prominent reduction in the prices of commodities in the late 2008 such as oil sector faced a downfall of 69% in their prices, because of the decline in the exports up to 45% there was a huge loss faced by the continent, even the other commodities excluding oil accounted to 38% of downfall in their prices.

Africa was a frontier in the production of resources with recording a above average growth, experts predicted the present growth rate would lead to the development of African economy as a superior power in the future. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. In the world economy when many developed countries were facing recession and crisis, there was severe alteration towards the growth scenario in Africa because of the stagnancy. These are the financial issues experienced by Africa during the Global Economic Crisis.IMPACT OF GLOBAL ECONOMIC CRISIS ON REMITTANCES IN AFRICAThe prominent impact of the global economic crisis in Africa was on remittances which indeed resulted in severe harm to the African Economy. The crisis has urged the recommendation of implementation of external aids as soon as possible, governments should derive suitable policies for attracting external financing in the health sector. Finally the effects of redundancy are decline in house hold incomes, unemployment, and decline in government revenues.THE IMPACT OF GLOBAL ECONOMIC CRISIS ON THE AFRICAN ECONOMYEFFECTS OF GLOBAL ECONOMIC CRISIS IN ECONOMY FACTORSAfrica encountered a drastic change in their economy during the economic crisis in the world. There have been decline in the commodity prices and volume all over the world because of the global economy crisis in the late 2008. The remittances of natural resources exporting countries were affected the most, since Africa is one of the prominent exporters of natural resources they faced badly affected by the economic crisis. The bias points of the developing countries mainly in Africa in the international market reached to 800 points in the late 2008, these indeed inclined the risk premium which forced many countries like Kenya to stop imploring from international financial markets and circulate the long term resources to local markets.There was a decline in the foreign exchange reserves because of the depreciation of currencies, this happened due to the decline in the commodity prices. Each country should strive to optimally utilize its relative comparative advantage and expertise.

These risks, which seem more likely than the benefits, are never mentioned by populists who simply regurgitate arguments from earlier eras.There is no consensus among economists or other public finance experts on a specific threshold that is tolerable. Because of the migrants to other continents such as Europe and America which were the worst affected continents of the global economic crisis there was a decline in the remittances. The impact on the African manufacturing industry by the global economic crisis has resulted in restructuring of the economy and experience serious financial crisis.Finally the global economic crisis has affected the African economy in several sectors. Hence necessary actions by the government on the banks can regain market confidence of the customers. The countries like Morocco, Tunisia and Algeria had a decline of about seven to nine percent in their remittances because of the larger proportion of migrants from their country in Europe regions affected by the Global economic crisis. Southern Africa will be hit the hardest with its forecast growth rate slowing to 4.0 percent in 2009. The African governments can generate these funds with the help of foreign reserves such as bonds in capital markets. The African economy dependence on remittances was comparatively low to other parts of the world. The first was the period after the 2008 global financial crisis. Elliott P. Whether as displaced people or labor migrants, millions of Africans join the desperate, massive population movements across national boundaries on the African continent and to the West. The decline in the price of other natural resources have caused adverse effects on budget, countries like Gabon in Africa experienced negative impacts. Major economic unions are shown in the chart below.

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