It remains to be seen whether the economic crisis will undo the benefits of the commodity boom and new investment programmes for many African economies.It has certainly reduced the availability of credit and slowed investment and trade.
Today that is rapidly changing, thanks to a small Australian company, Oxiana, that is reaping fat profits from the country's first big mine and showing Laos' government the benefits of the commodities boom.
Peru, on the other hand, was unscathed by the global financial crisis and has reaped the benefit of a commodity boom, with prices for its main exports -- copper, silver, and gold -- surging in reaction to a weak dollar and loose monetary policy in the U.S. and elsewhere.
Its purchases of foreign assets keep the cost of capital down and its appetite for raw materials keeps their price up, to the benefit of commodity producers wherever they sell their wares.
The short-term effect will be to whet China's appetite for steel, copper and other materials, to the benefit of commodity exporters, and to prop up its unprecedented investment rate of 48 percent of gross domestic product.
While corn growers are reaping the benefits of high commodity prices, the impending industry shakedown will most likely push out small, farmer-owned refineries.
The country reaped the benefits of soaring commodity prices and government spending helped millions of poor Brazilians enter the middle class - the future looked bright.
The latter will also enjoy the benefit of sharply rising commodities prices.
That is largely because of the commodity effect, but also because Latin American exporters have benefited from other countries growing richer by trading with China.
All recognize that Chinese demand has been the main driver of the commodity boom of the past seven years, from which they have all benefited enormously.
