Spill over effect

China, a key driver of the global recovery after the 2008-09 financial crisis, is experienced declined growth for the third consecutive quarter US lost its triple-A credit rating for the first time in its history UK reached its highest unemployment level for 17 years Mozambique, Kenya, Tanzania and Uganda were in same position because of highly dependent on European trade flow and lack adequate fiscal policy Impact on Indian banks is limited as the Indian banking sector is largely dominated by domestic banks with foreign banks accounting for only 8 percent of total banking sector assets and 5 percent of banking sector credit