Global Recessions
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 gross domestic product contracted, and this contraction was accompanie...
| Main Authors: | , , |
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| Language: | English |
| Published: |
World Bank, Washington, DC
2020
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/185391583249079464/Global-Recessions http://hdl.handle.net/10986/33415 |
| Summary: | 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 gross domestic product 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. |
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