Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/227909
Authors: 
Kose, M. Ayhan
Sugawara, Naotaka
Terrones, Marco E.
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 2002
Abstract: 
The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global GDP contracted, and this contraction was accompanied by weakening of other key indicators of global economic activity. The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions. As the epicenter of the crisis, advanced economies felt the brunt of the recession. The subsequent expansion has been the weakest in the post-war period in advanced economies as many of them have struggled to overcome the legacies of the crisis. In contrast, most emerging market and developing economies weathered the 2009 global recession relatively well and delivered a stronger recovery than after previous global recessions.
Subjects: 
Global economy
global expansion
global recession
global recovery
synchronization of cycles
financial markets
real activity
JEL: 
E32
F44
N10
O47
Document Type: 
Working Paper

Files in This Item:
File
Size
599.24 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.