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Overview of the impact of the Great Recession in South Africa
Part of a series on the
Great Recession
Major aspects
Subprime mortgage crisis
2000s energy crisis
2000s United States housing bubble
2000s United States housing market correction
2007–2008 financial crisis
2008–2010 automotive industry crisis
Dodd–Frank Wall Street Reform and Consumer Protection Act
European debt crisis
Causes
Causes of the European debt crisis
Causes of the 2000s United States housing bubble
Credit rating agencies and the subprime crisis
Government policies and the subprime mortgage crisis
Summit meetings
34th G8 summit (July 2008)
G-20 Washington summit (November 2008)
APEC Peru (November 2008)
China–Japan–South Korea trilateral summit (December 2008)
G-20 London Summit (April 2009)
Government response and policy proposals
2008 European Union stimulus plan
2008–2009 Keynesian resurgence
American Recovery and Reinvestment Act of 2009
Banking (Special Provisions) Act 2008
Chinese economic stimulus program
Economic Stimulus Act of 2008
Emergency Economic Stabilization Act of 2008
Federal Reserve responses to the subprime crisis
Government intervention during the subprime mortgage crisis
Green New Deal
Housing and Economic Recovery Act of 2008
National fiscal policy response to the Great Recession
Regulatory responses to the subprime crisis
Subprime mortgage crisis solutions debate
Term Asset-Backed Securities Loan Facility
Troubled Asset Relief Program
Business failures
American International Group
Chrysler
Citigroup
Fannie Mae
Freddie Mac
General Motors
Lehman Brothers
Royal Bank of Scotland Group
UBS
Regions
Africa
Americas
South America
United States
Asia
Europe
Oceania
Timeline
v
t
e
The Great Recession in South America, as it mainly consists of commodity exporters, was not directly affected by the financial turmoil, even if the bond markets of Brazil, Argentina, Colombia and Venezuela have been hit.[1]
On the other hand, the continent experienced a tough agricultural crisis at the beginning of 2008.[2] Food prices have increased a lot, due to a lack of arable land. One of the main reasons for the loss of agricultural land was the high value offered by the production of biofuels. However, second generation biofuel processes is slowly being implemented in order to extend the amount of biofuel that can be produced sustainably by using biomass consisting of the residual non-food parts of current crops, such as stems, leaves and husks.[3] Other crops that are not used for food purposes (non food crops), such as switchgrass, grass, jatropha, whole crop maize, and miscanthus could be used to produce biofuels without starving the population that are dependent on food products.[3] Industry waste products (i.e., woodchips, skins and pulp) from fruit pressing would also replace the need to waste arable land for biofuels; possibly improving the South American economy.[3] Food prices, rising since 2002, ascended from 2006, reaching a peak during the first quarter of 2008. In one year the average price of food rose by about 50%.
Then South American countries were affected by both the global slowdown and the decrease in food prices due to the declining demand.[4] In June 2008, the Economic Commission for Latin America and the Caribbean (ECLAC) declared it expected a 4% growth for 2009. However at the end of the year it predicted that the year 2009 would put an end to six years of prosperity during which Latin America has benefited from high raw material prices.[5] Production in the region is likely to decline and unemployment to increase.[6][7] However, the Center for Economic and Policy Research has estimated that the region may be able to cope with the global downturn with the right macro-economic policies, as these countries no longer depend on the U.S. economy.[8]
^""Subprime": lejos de A. Latina" (in Spanish). BBC Mundo. August 1, 2007. Archived from the original on 2009-01-13. Retrieved 2010-01-05.
^Poverty Declines Slightly in Latin America and the Caribbean, in Spite of Global Financial Crisis Archived 2011-07-20 at the Wayback Machine, ECLAC Notes Nº 59 (9 December 2008)
^ abcOliver R. Inderwildi, David A. King (2009). "Quo Vadis Biofuels". Energy & Environmental Science. 2 (4): 343. doi:10.1039/b822951c.
^"Latin America risks reverting progress in poverty reduction / Global financial crisis will affect region's trade with the rest of the world" (PDF). ECLAC. December 2008. Archived (PDF) from the original on 2011-07-20. Retrieved 2010-10-02.
^"Preliminary overview of the economies of Latin America and the Caribbean 2008". ECLAC. December 2008. Archived from the original on 2011-07-20. Retrieved 2010-10-02.
^"Growth in Latin America and the Caribbean Is Projected to Be 1.9% in 2009". ECLAC. 18 December 2008. Archived from the original on 20 July 2011. Retrieved 2 October 2010.
^"Amérique latine : fin de six années de croissance soutenue" (in French). RFI. 2008-12-19. Archived from the original on 2009-02-01. Retrieved 2010-10-02.
^"South America: Recession Can Be Avoided". CEPR. November 16, 2008. Archived from the original on January 18, 2009. Retrieved October 2, 2010.
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