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Global Recessions

Marco Terrones (), Ayhan Kose and Naotaka Sugawara

No 14397, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: financial markets; global economy; global expansion; global recovery; Real activity; synchronization of cycles (search for similar items in EconPapers)
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, nep-mac and nep-opm
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Working Paper: Global Recessions (2020) Downloads
Working Paper: Global Recessions (2020) Downloads
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