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Global strongEconomicstrong Crisis and Nigeria s strongEconomic Recoverystrong A Role.pdf

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Global Economic Crisis and Nigeria’s Economic Recovery: A Role for Taxation Elijah Udoh* Friday Ebong† * [Corresponding Author], [Department of Economics, University of Calabar, P.M.B. 1115, Calabar, Nigeria], [udoea@], [+2348037136637] † [Department of Economics, University of Calabar, P .M.B. 1115, Calabar, Nigeria], [frebong@], [+2348036747527] © 2011. Elijah Udoh Friday Ebong. This is a research/review paper, distributed under the terms of the Creative Commons A ribution-Noncommercial 3.0 Unsupported License h p:///licenses/by-nc/3.0/, permi ing all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited. Special Issue Theme: “Planning, Policies Global Issue” © JournalsB (2011). ISSN 2220-9425 European Journal of Humanities and Social Sciences Vol. 4, No.2 (Special Issue), 2011 Global Economic Crisis and Nigeria’s Economic Recovery: A Role for Taxation Elijah Udo Friday Ebong Abstract The deepening financial crisis in the United States and its rapid spread since the middle of September, 2008 to both other high-income as well as developing countries has changed growth projections dramatically. Growth in developing-countries, whose economies had been expected to expand rapidly, has been marked down. Economies of high-income countries, many of which have already entered into recession, are now contracting. As their budgets adjust to the new fiscal reality, the vulnerability of the developing countries is