The global financial crisis has impacted the emerging economies of the world and there are no signs of recovery from this crisis as yet.
Unlike the economic crisis of 1997 which was restricted to the East Asian countries, the prevailing economic turmoil started with the collapse of a few investment banks in US and then snowballed into a global economic crisis.
These were the views put forth by experts at the three-day seminar on Global Financial Crisis-Impact on Developing Economies organised here at the Srusti Academy of Management. The seminar was sponsored by the All India Council for Technical Education (AICTE).
The global economic downturn began in the second half of 2008-09 and this phase would be remembered as a turning point in the global economy comparable to the Great Depression of 1930 in US, said SC Hota, state election commissioner, Orissa government.
“The present economic crisis started with the failure of the banking and financial system in US and European Union countries and has spread to other countries, leading to global economic recession. The present economic crisis calls for enhancing regulation and strengthening transparency especially in developed countries,” he added.
Hota pointed out that its would be preposterous to expect an early recover from the prevailing economic meltdown as the global economy today was far more integrated compared to the period of the Great Depression of US in 1930.
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Former chief minister Jagadish Shettar, MP Prahlad Joshi and Hubli-Dharwad West MLA Arvind Bellad had also sought an inquiry