Global Crisis and International Trade: Prospects for 2010
Claudia Dobre () and
Sorici Costin ()
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Sorici Costin: “Ovidius” University of Constanta, Faculty of Economic Sciences,
Ovidius University Annals, Economic Sciences Series, 2010, vol. X, issue 2, 176-182
Towards the end of 2008 the global crisis initiated to manifest itself in international trade. In this paper we show that the slump in global demand and the slowing-down in economic growth translated into a substantial reduction in international trade that has affected the cross-border trade of virtually all countries and economic sectors. Adittionally, we focus on the reasons why trade declined so steeply, with 12% in 2009. The emerging consensus is that the great trade collapse was mostly a demand shock – although supply side factors played some role. Finally, we observ that after a challenging two years in which the global economy endured the worst recession since the Second World War, recovery is now unambiguously underway.
Keywords: integration effects; trade; single market; Europe Union (search for similar items in EconPapers)
JEL-codes: D10 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:10:y:2010:i:2:p:176-182
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