The cumulative net loss in income due to the terms of trade shocks is estimated to have amounted to an average of 2.1% of GDP. The export earnings and investment were also negatively affected. From time to time a country could also suffer shocks that are specific to it.
This was a global social issue already as early as 2008. Since then the number of smartphones has skyrocketed, and many people, including those in emerging economies in Asia, have become able to access financial services via smartphones. IT innovation has promoted "financial inclusion" in a way which was not expected a decade ago.