Global Recessions

Ayhan Kose, Naotaka Sugawara and Marco Terrones

MPRA Paper from University Library of Munich, Germany

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: Global economy; global expansion; global recession; global recovery; 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-fdg, nep-his, nep-mac and nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/98608/1/MPRA_paper_98608.pdf original version (application/pdf)

Related works:
Working Paper: Global Recessions (2020)
Working Paper: Global Recessions (2020)
Working Paper: Global recessions (2020)
Working Paper: Global Recessions (2020)
Working Paper: Global Recessions (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:98608

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().