This Background Note discusses which developing countries may be at risk as a result of the global financial crisis. It examines recent growth performance in both developed and developing countries, the channels through which the crisis may affect them, the countries that may be vulnerable, and the possible policy responses. It argues that, despite the current crisis, not all developing country economies are equally vulnerable, with strong growth still being recorded in a number of countries and regions. While the crisis could well have serious economic and social impacts on the developing world, much depends on adequate policy responses in both north and south.