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Global recession

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32: 20: 1305: 516: 40: 1316: 155:. According to the IMF, the real GDP growth of the emerging and developing countries is on an uptrend and that of advanced economies is on a downtrend since the late 1980s. The world growth is projected to slow from 5% in 2007 to 3.75% in 2008 and to just over 2% in 2009. Downward revisions in GDP growth vary across regions. Among the most affected are commodity exporters, and countries with acute external financing and 47:, which covers only 70 countries. The general upward trend might be attributed to many factors. One of these is a gradual increase in the percent of people who receive money for their labor. The dramatic feature of this graph is the virtual absence of banking crises during the period of the 140:(NBER) is regarded as the authority which identifies a recession and which takes into account several measures in addition to GDP growth before making an assessment. In many developed nations (but not the United States), the two-quarter rule is also used for identifying a recession. 82:
weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
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there were only four global recessions (in 1975, 1982, 1991 and 2009), all of them only lasting a year (although the 1991 recession would have lasted until 1993 if the IMF had used normal exchange rate weighted per‑capita real World GDP rather than the
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The IMF estimates that global recessions occur over a cycle lasting between eight and ten years. During what the IMF terms the past three global recessions of the last three decades, global per capita output growth was zero or negative.
1353: 167:) have suffered smaller declines because their financial situations are more robust. They have benefited from falling commodity prices and they have initiated a shift toward macroeconomic policy easing. 106:
growth rate of 3.0 percent or less was "equivalent to a global recession". By this measure, there were six global recessions since 1970: 1974–75, 1984–85, 1990–93, 1996, 2008–09, and 2018–19.
159:. If a global recession were to occur in its full magnitude, an estimated 100 million jobs would be lost around the world, with total lost capital hovering at US$ 120 trillion. Countries in 1346: 51:, 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the 1339: 2257: 2262: 2247: 2237: 2227: 99:, was by far the worst of the four postwar recessions, both in terms of the number of countries affected and the decline in real World GDP per capita. 2232: 1502: 1362: 1331: 136:(GDP), a measure of the nation's output. This two-quarter metric is now a commonly held definition of a recession. In the United States, the 1745: 1370: 2105: 2052: 1963: 1570: 1575: 1366: 489: 1941: 1673: 1668: 1663: 1657: 509: 1946: 1475: 186: 2194: 852: 137: 857: 391:"The risk of redefining recession, Lakshman Achuthan and Anirvan Banerji, Economic Cycle Research Institute, May 7, 2008" 66:
that affects many countries around the worldβ€”that is, a period of global economic slowdown or declining economic output.
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Lall, Subir. "IMF Predicts Slower World Growth Amid Serious Market Crisis," International Monetary Fund, April 9, 2008.
2090: 1198: 1098: 343: 410: 951: 842: 703: 197: 427:"IMF World Economic Outlook (WEO) Update - Rapidly Weakening Prospects Call for New Policy Stimulus - November 2008" 1936: 2154: 1361: 944: 1888: 1916: 1632: 879: 455: 1798: 580: 2112: 1894: 1826: 998: 570: 545: 482: 75: 449: 2169: 2144: 1999: 1994: 1953: 1921: 1708: 1626: 1023: 872: 289: 233: 2189: 2179: 1926: 718: 681: 390: 365:"World Economic Outlook (WEO) April 2013: Statistical appendix - Table A1 - Summary of World Output" 310: 2079: 1867: 939: 617: 560: 519: 426: 323: 52: 2184: 2174: 2164: 2159: 2149: 2029: 2024: 2019: 1540: 1243: 795: 639: 587: 364: 92: 79: 48: 2300: 2295: 1931: 1861: 1693: 1308: 1183: 825: 815: 698: 634: 565: 550: 475: 260: 133: 24: 2117: 2100: 2095: 2084: 2047: 2042: 2036: 1647: 1616: 1514: 1123: 961: 693: 622: 1683: 1528: 1248: 1153: 966: 934: 924: 909: 810: 805: 748: 31: 8: 2290: 1782: 1637: 1545: 1497: 1465: 1446: 785: 775: 770: 753: 644: 627: 540: 180: 95:
weighted per‑capita real World GDP). The 2009 global recession, also known as the
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Number of countries having a banking crisis in each year since 1800. This is based on
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defines a global recession as "a decline in annual per‑capita real World GDP (
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Whereas a national recession is identified by two quarters of decline, defining a
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to identify a recession, which included two successive quarterly declines in
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http://www.imf.org/external/pubs/ft/weo/2009/update/01/index.htm
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This time is different: Eight centuries of financial folly
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The Thirty-Five Most Tumultuous Years in Monetary History
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Before April 2009, the IMF argued that a global annual
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Recession that affects many countries around the world
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is a period of declining economic output. In a 1974
421: 419: 411:Japan's Economy Shrinks 0.4%, Confirming Recession 464:- American Institute for Economic Research (AIER) 462:Independent Analysis of Business Cycle Conditions 282: 2282: 416: 151:is expected to have a higher GDP growth than a 255: 253: 251: 1347: 483: 248: 1354: 1340: 490: 476: 456:Business Cycle Expansions and Contractions 319: 317: 458:The National Bureau Of Economic Research 388: 236:. The Wall Street Journal. 22 April 2009 38: 35:Countries by real GDP growth rate (2014) 30: 18: 53:Comprehensive R Archive Network (CRAN). 2283: 357: 314: 1335: 471: 853:New international division of labour 338: 336: 334: 332: 138:National Bureau of Economic Research 86:According to this definition, since 13: 1658:British credit crisis of 1772–1773 14: 2312: 1371:Commonwealth of Nations countries 497: 443: 389:Achuthan, Lakshman (2008-05-06). 329: 290:"The world economy Bad, or worse" 187:2007–2008 world food price crisis 1314: 1304: 1303: 514: 1367:recessions in the United States 515: 404: 382: 303: 69: 1: 215: 198:Financial crisis of 2007–2008 147:is more difficult, because a 234:"What's a Global Recession?" 7: 2113:1997 Asian financial crisis 1746:Civil War-era United States 571:Environmental globalization 546:Anti-globalization movement 346:. Bloomberg.com. 2008-01-28 292:. Economist.com. 2008-10-09 174: 109: 76:International Monetary Fund 10: 2317: 1889:Post–World War I recession 1709:Post-Napoleonic Depression 719:Offshore financial centres 2127: 2063: 2008: 1962: 1877: 1799:2nd Industrial Revolution 1792: 1739: 1732:(1836–1838 and 1839–1843) 1648:1st Industrial Revolution 1646: 1615: 1416:Price-and-wage stickiness 1377: 1299: 1257: 1132: 1067: 984: 975: 902: 739: 660: 653: 533: 505: 2080:1990s United States boom 1868:Financial crisis of 1914 561:Democratic globalization 1895:Depression of 1920–1921 1827:Depression of 1882–1885 1741:Early Victorian Britain 1476:Real and nominal values 843:Investor-state disputes 796:Illicit financial flows 640:Political globalization 588:Global financial system 114:Informally, a national 93:purchasing power parity 80:purchasing power parity 49:Bretton Woods agreement 2000:Recession of 1969–1970 1995:Recession of 1960–1961 1954:Recession of 1937–1938 1184:Christopher Chase-Dunn 952:Primitive accumulation 635:Military globalization 566:Economic globalization 551:Cultural globalization 134:gross domestic product 55: 36: 28: 2118:Early 2000s recession 2085:Early 1990s recession 2037:Early 1980s recession 1617:Commercial revolution 1515:Nominal interest rate 429:. Imf.org. 2008-11-06 42: 34: 22: 1684:Copper Panic of 1789 1249:Immanuel Wallerstein 910:Capital accumulation 776:Endangered languages 370:. IMF. 16 April 2013 270:. IMF. 24 April 2009 268:Box 1.1 (page 11-14) 2020:1973–1975 recession 1964:Post–WWII expansion 1638:Great Frost of 1709 1466:Neutrality of money 1447:Classical dichotomy 1363:Economic expansions 1321:Business portal 880:Transnational crime 786:Forced displacement 771:Economic inequality 645:Trade globalization 541:Alter-globalization 326:IMF Jan 2009 update 181:2000s energy crisis 2202:COVID-19 recession 1862:Panic of 1910–1911 1694:Panic of 1796–1797 1520:Real interest rate 1488:Economic expansion 1094:Andre Gunder Frank 868:Race to the bottom 858:North–South divide 576:Global citizenship 413:By Jason Clenfield 192:COVID-19 recession 157:liquidity problems 149:Developing country 128:suggested several 56: 37: 29: 27:growth rate (2009) 23:Countries by real 2278: 2277: 1989:Recession of 1958 1983:Recession of 1953 1977:Recession of 1949 1674:Thirteen Colonies 1481:Velocity of money 1411:Paradox of thrift 1329: 1328: 1295: 1294: 1154:K. Anthony Appiah 1149:Daniele Archibugi 898: 897: 687:COVID-19 pandemic 593:Global governance 153:Developed country 2308: 2070:Great Regression 2065:Great Moderation 1911:Great Depression 1900:Roaring Twenties 1421:Underconsumption 1391:Effective demand 1382:Aggregate demand 1356: 1349: 1342: 1333: 1332: 1319: 1318: 1307: 1306: 1260: 1169:Jean Baudrillard 1137: 1084:Giovanni Arrighi 1072: 1029:Branko MilanoviΔ‡ 1009:Jagdish Bhagwati 987: 982: 981: 873:pollution havens 838:Invasive species 742: 663: 658: 657: 608:Global workforce 518: 517: 492: 485: 478: 469: 468: 438: 437: 435: 434: 423: 414: 408: 402: 401: 399: 398: 386: 380: 379: 377: 375: 369: 361: 355: 354: 352: 351: 340: 327: 321: 312: 307: 301: 300: 298: 297: 286: 280: 279: 277: 275: 265: 257: 246: 245: 243: 241: 230: 209:Great Depression 145:global recession 60:global recession 2316: 2315: 2311: 2310: 2309: 2307: 2306: 2305: 2281: 2280: 2279: 2274: 2139:Great Recession 2131: 2129:Information Age 2123: 2072: 2068: 2059: 2012: 2010:Great Inflation 2004: 1966: 1958: 1881: 1879:Interwar period 1873: 1809:Long Depression 1801: 1797: 1788: 1748: 1744: 1735: 1650: 1642: 1619: 1611: 1576:U.S. recessions 1571:U.K. recessions 1503:U.S. expansions 1373: 1360: 1330: 1325: 1313: 1291: 1272:Thomas Friedman 1258: 1253: 1204:Anthony Giddens 1179:Manuel Castells 1144:Arjun Appadurai 1135: 1133: 1128: 1070: 1068: 1063: 1059:Joseph Stiglitz 999:Richard Baldwin 985: 977: 971: 930:Fiscal localism 894: 848:McDonaldization 766:Development aid 740: 735: 704:Multilingualism 699:Labor arbitrage 675:Climate justice 661: 649: 603:Global politics 556:Deglobalization 529: 501: 496: 446: 441: 432: 430: 425: 424: 417: 409: 405: 396: 394: 393:. Money.cnn.com 387: 383: 373: 371: 367: 363: 362: 358: 349: 347: 342: 341: 330: 322: 315: 308: 304: 295: 293: 288: 287: 283: 273: 271: 263: 259: 258: 249: 239: 237: 232: 231: 222: 218: 203:Great Recession 177: 112: 97:Great Recession 72: 17: 12: 11: 5: 2314: 2304: 2303: 2298: 2293: 2276: 2275: 2273: 2272: 2271: 2270: 2265: 2260: 2258:United Kingdom 2255: 2250: 2245: 2240: 2235: 2230: 2225: 2220: 2215: 2210: 2199: 2198: 2197: 2192: 2190:United Kingdom 2187: 2182: 2177: 2172: 2167: 2162: 2157: 2152: 2147: 2135: 2133: 2132:(2007–present) 2125: 2124: 2122: 2121: 2115: 2110: 2109: 2108: 2103: 2101:United Kingdom 2098: 2093: 2082: 2076: 2074: 2061: 2060: 2058: 2057: 2056: 2055: 2050: 2048:United Kingdom 2045: 2034: 2033: 2032: 2027: 2025:United Kingdom 2016: 2014: 2006: 2005: 2003: 2002: 1997: 1992: 1986: 1980: 1974: 1970: 1968: 1960: 1959: 1957: 1956: 1951: 1950: 1949: 1944: 1942:United Kingdom 1939: 1934: 1929: 1924: 1919: 1908: 1905: 1902: 1897: 1892: 1885: 1883: 1875: 1874: 1872: 1871: 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Cox 1087: 1085: 1082: 1080: 1077: 1076: 1074: 1066: 1060: 1057: 1055: 1052: 1050: 1049:Jeffrey Sachs 1047: 1045: 1042: 1040: 1037: 1035: 1032: 1030: 1027: 1025: 1022: 1020: 1017: 1015: 1012: 1010: 1007: 1005: 1002: 1000: 997: 995: 992: 991: 989: 983: 980: 974: 968: 967:World-systems 965: 963: 962:World history 960: 958: 957:Social change 955: 953: 950: 946: 943: 941: 938: 937: 936: 935:Modernization 933: 931: 928: 926: 923: 921: 918: 916: 913: 911: 908: 907: 905: 901: 891: 888: 886: 883: 881: 878: 874: 871: 870: 869: 866: 864: 861: 859: 856: 854: 851: 849: 846: 844: 841: 839: 836: 832: 829: 827: 824: 822: 819: 817: 814: 812: 809: 807: 804: 803: 802: 799: 797: 794: 792: 789: 787: 784: 782: 779: 777: 774: 772: 769: 767: 764: 762: 759: 755: 752: 751: 750: 747: 746: 744: 738: 732: 729: 725: 722: 720: 717: 716: 715: 712: 710: 707: 705: 702: 700: 697: 695: 692: 688: 685: 684: 683: 680: 676: 673: 672: 671: 668: 667: 665: 659: 656: 652: 646: 643: 641: 638: 636: 633: 629: 626: 624: 621: 620: 619: 616: 614: 611: 609: 606: 604: 601: 599: 598:Global health 596: 594: 591: 589: 586: 582: 579: 578: 577: 574: 572: 569: 567: 564: 562: 559: 557: 554: 552: 549: 547: 544: 542: 539: 538: 536: 532: 526: 523: 521: 513: 511: 508: 507: 504: 500: 499:Globalization 493: 488: 486: 481: 479: 474: 473: 470: 463: 460: 457: 454: 451: 448: 447: 428: 422: 420: 412: 407: 392: 385: 366: 360: 345: 339: 337: 335: 333: 325: 320: 318: 311: 306: 291: 285: 269: 262: 256: 254: 252: 235: 229: 227: 225: 220: 210: 207: 204: 201: 199: 196: 193: 190: 188: 185: 182: 179: 178: 172: 168: 166: 162: 158: 154: 150: 146: 141: 139: 135: 131: 127: 123: 122: 117: 107: 105: 100: 98: 94: 89: 84: 81: 77: 67: 65: 61: 54: 50: 46: 41: 33: 26: 21: 2180:South Africa 1937:South Africa 1783:Black Friday 1600:Unemployment 1550: 1457:Money supply 1452:Disinflation 1396:General glut 1282:John R. Saul 1267:Noam Chomsky 1259:Non–academic 1199:Susan George 1194:Nancy Fraser 1164:Walden Bello 1109:David Harvey 1099:Stephen Gill 1019:Jayati Ghosh 925:Earth system 791:Human rights 731:Water crisis 628:early modern 431:. Retrieved 406: 395:. Retrieved 384: 372:. Retrieved 359: 348:. Retrieved 305: 294:. Retrieved 284: 274:17 September 272:. Retrieved 267: 240:17 September 238:. Retrieved 169: 144: 142: 119: 113: 101: 88:World War II 85: 73: 59: 57: 2248:New Zealand 2206:2020–2022; 2170:New Zealand 2143:2007–2009; 2089:1990–1991; 2073:(1982–2007) 2041:1980–1982; 2013:(1973–1982) 1991:(1957–1958) 1985:(1953–1954) 1979:(1948–1949) 1967:(1945–1973) 1932:New Zealand 1915:1929–1939; 1891:(1918–1919) 1882:(1918–1939) 1864:(1910–1912) 1858:(1907–1908) 1852:(1902–1904) 1843:(1893–1897) 1837:(1890–1891) 1813:1873–1879; 1802:(1870–1914) 1785:(1869–1870) 1779:(1865–1867) 1770:(1857–1858) 1761:(1847–1848) 1749:(1840–1870) 1720:(1825–1826) 1711:(1815–1821) 1696:(1796–1799) 1690:(1789–1793) 1662:1772–1774; 1651:(1760–1840) 1629:(1430–1490) 1627:Great Slump 1620:(1000–1760) 1566:Stagflation 1525:Yield curve 1471:Price level 1277:Naomi Klein 1159:Ulrich Beck 1134:Politics / 1124:Robert Wade 1114:Ronen Palan 1104:Peter Gowan 1054:Amartya Sen 1044:Dani Rodrik 994:David Autor 920:Development 801:Imperialism 749:Brain drain 211:(1929–1939) 205:(2007–2009) 194:(2020–2022) 183:(2003–2008) 163:(including 70:Definitions 2291:Recessions 2285:Categories 2213:Bangladesh 2150:Bangladesh 1794:Gilded Age 1546:Depression 1498:Stagnation 1219:Paul Hirst 1214:David Held 1079:Samir Amin 1069:Political 1004:Ravi Batra 945:history of 940:ecological 915:Dependency 863:Offshoring 826:scientific 816:linguistic 781:Fair trade 761:Care drain 714:Tax havens 709:Population 618:History of 433:2009-04-15 397:2009-04-15 350:2009-04-15 296:2009-04-15 216:References 2253:Singapore 2208:Australia 2185:Sri Lanka 2145:Australia 2091:Australia 1917:Australia 1907:1926–1927 1904:1923–1924 1870:(1913–14) 1846:1899–1900 1702:1807–1810 1699:1802–1804 1680:1785–1788 1605:Sahm rule 1536:Recession 1437:Inflation 1433:Deflation 1244:John Urry 1136:sociology 986:Economics 890:World war 613:Globality 581:education 161:East Asia 124:article, 116:recession 64:recession 2238:Malaysia 2223:Botswana 2175:Pakistan 2165:Malaysia 1669:Scotland 1529:Inverted 1493:Recovery 1309:Category 978:scholars 903:Theories 811:cultural 806:academic 510:Journals 374:16 April 175:See also 110:Overview 104:real GDP 2243:Namibia 1831:1887–88 1773:1860–61 1764:1853–54 1755:1845–46 1726:1833–34 1723:1828–29 1714:1822–23 1664:England 1556:Rolling 1442:Chronic 1071:economy 976:Notable 754:reverse 682:Disease 623:archaic 534:Aspects 525:Studies 520:Outline 2268:Zambia 2228:Canada 2218:Belize 2155:Canada 2120:(2001) 2096:Canada 2043:Canada 1922:Canada 1593:Supply 1588:Demand 1561:Shapes 1551:Global 1461:demand 1386:Supply 831:social 662:Global 654:Issues 2233:India 2160:India 1927:India 1583:Shock 1401:Model 821:media 741:Other 368:(PDF) 264:(PDF) 165:China 62:is a 1973:1945 1705:1812 1369:and 1365:and 376:2013 276:2013 242:2013 74:The 25:GDP 2287:: 418:^ 331:^ 316:^ 266:. 250:^ 223:^ 58:A 2067:/ 1796:/ 1743:/ 1686:/ 1527:/ 1459:/ 1435:/ 1384:/ 1355:e 1348:t 1341:v 491:e 484:t 477:v 436:. 400:. 378:. 353:. 299:. 278:. 244:.

Index


GDP


This time is different: Eight centuries of financial folly
Bretton Woods agreement
Comprehensive R Archive Network (CRAN).
recession
International Monetary Fund
purchasing power parity
World War II
purchasing power parity
Great Recession
real GDP
recession
New York Times
Julius Shiskin
rules of thumb
gross domestic product
National Bureau of Economic Research
Developing country
Developed country
liquidity problems
East Asia
China
2000s energy crisis
2007–2008 world food price crisis
COVID-19 recession
Financial crisis of 2007–2008
Great Recession

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