Global: New global economic crisis worries East African Community

Tanzania has said should the world experience a second economic downturn, the impact on East African Community (EAC) countries would be more telling as the economies of the five partner states were more interconnected than never before. The Minister for Finance, Mr Mustafa Mkulo told a sideline session of the 2011 IMF-World Bank annual meeting in Washington DC that shocks for Africa, especially the EAC members from a new economic downturn would be worse than in last crisis. He recalled that three years ago Africa was hit hard by the global economic crisis as exports dropped and financial flows declined.