Global Recession: “Underdevelopment is a mixed blessing”

A post from Mong Palatino in his continuing series on the GFC for Global Voices on Global Recession: “Underdevelopment is a mixed blessing”:

There are governments which insist that their countries are not affected by the global economic crisis. Most of the time they are not convincing; and their constituents do not believe in the supposed improvement of the economy. But some of these governments might be telling the truth. They may not be completely honest about the real economic situation of their countries but they may be correct when they insist that the fearsome credit crunch, housing bubble, and other familiar crisis indicators are not visible in their territories.

How is this possible? Countries with very small economies and countries which are not globally-integrated are usually the same countries which claim that the financial crisis has not affected them so far.