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Global Recessions

Ayhan Kose, Naotaka Sugawara and Marco Terrones ()
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Naotaka Sugawara: Prospects Group, World Bank

No 162, Working Papers from Peruvian Economic Association

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.

JEL-codes: E32 F44 N10 O47 (search for similar items in EconPapers)
Date: 2020-02
New Economics Papers: this item is included in nep-his and nep-mac
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Working Paper: Global Recessions (2020) Downloads
Working Paper: Global recessions (2020) Downloads
Working Paper: Global Recessions (2020) Downloads
Working Paper: Global Recessions (2020) Downloads
Working Paper: Global Recessions (2020) Downloads
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