But at the same time, weaknesses had been accumulating, such as large current account deficits, high external debt, and massive non-performing loans. When a combination of economic, financial, and corporate problems triggered a sharp loss of confidence and capital outflows from the region, the crisis erupted and countries faced extreme recessions.
Tom Alweendo: The use of small and medium size enterprises (SMMEs) to reduce poverty Keynote address by Mr Tom Alweendo, Governor of the Bank of Namibia, at the opening ceremony of the 6th African Development Finance Conference and SMME Awards, Cape Town, 20-21 October 2004.