The financial and economic crash of 2008 was immediately succeeded by a global recession that is leading to significant paradigm shifts in the global policy agenda. It has slowed, and in some cases reversed, the progress in output growth, trade, foreign investments, and poverty and hunger reduction. Moreover, the financial crisis emerged on the shoulders of the preceding fuel and food price crises that already exacerbated the vulnerability of the poor and hungry people in developing countries.

Once again, global attention has turned to agriculture and food for effectively responding to the crisis and ensuring that global progress in reducing poverty and hunger continue, amidst the turmoil and confusion caused by the economic and financial crash. The impact and linkages between the financial crisis and the agricultural and rural sectors need to be better understood. This seminar seeks to understand the channels, quantify the magnitude, and examine the scope of impact through which the financial crisis and economic recession has affected developing countries.

Ross Garnaut is Professor of Economics at the Research School of Pacific and Asian Studies, The Australian National University and Chair of IFPRI’s Board of Trustees. Ousmane Badiane is the Africa Director for IFPRI. Justin Yifu Lin is Chief Economist and Senior Vice President at the World Bank. Shenggen Fan is director of the Development Strategy and Governance Division and Director General designate at IFPRI. Joachim von Braun is IFPRI’s Director General.