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href="https://hi.wikipedia.org/wiki/%E0%A4%B5%E0%A5%88%E0%A4%B6%E0%A5%8D%E0%A4%B5%E0%A4%BF%E0%A4%95_%E0%A4%AE%E0%A4%82%E0%A4%A6%E0%A5%80" title="वैश्विक मंदी – Hindi" lang="hi" hreflang="hi" data-title="वैश्विक मंदी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Resesi_global" title="Resesi global – Indonesian" lang="id" hreflang="id" data-title="Resesi global" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kemelesetan_global" title="Kemelesetan global – Malay" lang="ms" hreflang="ms" data-title="Kemelesetan global" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%9A%E0%AE%B0%E0%AF%8D%E0%AE%B5%E0%AE%A4%E0%AF%87%E0%AE%9A_%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BE%E0%AE%A4%E0%AE%BE%E0%AE%B0_%E0%AE%AE%E0%AE%A8%E0%AF%8D%E0%AE%A4%E0%AE%A8%E0%AE%BF%E0%AE%B2%E0%AF%88" title="சர்வதேச பொருளாதார மந்தநிலை – Tamil" lang="ta" hreflang="ta" data-title="சர்வதேச பொருளாதார மந்தநிலை" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q3521685#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> 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class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Recession that affects many countries around the world</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:GDP_Real_Growth_in_2009.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/GDP_Real_Growth_in_2009.svg/270px-GDP_Real_Growth_in_2009.svg.png" decoding="async" width="270" height="119" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/57/GDP_Real_Growth_in_2009.svg/405px-GDP_Real_Growth_in_2009.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/57/GDP_Real_Growth_in_2009.svg/540px-GDP_Real_Growth_in_2009.svg.png 2x" data-file-width="940" data-file-height="415" /></a><figcaption>Countries by real <a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a> growth rate (2009)</figcaption></figure> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Countries_by_Real_GDP_Growth_Rate_(2014).svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Countries_by_Real_GDP_Growth_Rate_%282014%29.svg/270px-Countries_by_Real_GDP_Growth_Rate_%282014%29.svg.png" decoding="async" width="270" height="124" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Countries_by_Real_GDP_Growth_Rate_%282014%29.svg/405px-Countries_by_Real_GDP_Growth_Rate_%282014%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2b/Countries_by_Real_GDP_Growth_Rate_%282014%29.svg/540px-Countries_by_Real_GDP_Growth_Rate_%282014%29.svg.png 2x" data-file-width="863" data-file-height="396" /></a><figcaption>Countries by real GDP growth rate (2014)</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:BankingCrises.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/BankingCrises.svg/220px-BankingCrises.svg.png" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/BankingCrises.svg/330px-BankingCrises.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/BankingCrises.svg/440px-BankingCrises.svg.png 2x" data-file-width="630" data-file-height="630" /></a><figcaption>Number of countries having a banking crisis in each year since 1800. This is based on <a rel="nofollow" class="external text" href="http://www.reinhartandrogoff.com">This time is different: Eight centuries of financial folly</a>, which covers only 70 countries. The general upward trend might be attributed to many factors. One of these is a gradual increase in the percent of people who receive money for their labor. The dramatic feature of this graph is the virtual absence of banking crises during the period of the <a href="/wiki/Bretton_Woods_agreement" class="mw-redirect" title="Bretton Woods agreement">Bretton Woods agreement</a>, 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the <a href="/wiki/R_(programming_language)" title="R (programming language)">Comprehensive R Archive Network (CRAN).</a> </figcaption></figure> <p>A <b>global recession</b> is a <a href="/wiki/Recession" title="Recession">recession</a> that affects many countries around the world—that is, a period of global economic slowdown or declining economic output. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definitions">Definitions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_recession&action=edit&section=1" title="Edit section: Definitions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> defines a global recession as "a decline in annual per‑capita real World GDP (<a href="/wiki/Purchasing_power_parity" title="Purchasing power parity">purchasing power parity</a> weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".<sup id="cite_ref-New_IMF_Global_Recession_definition_1-0" class="reference"><a href="#cite_note-New_IMF_Global_Recession_definition-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IMF_WEO_2009_2-0" class="reference"><a href="#cite_note-IMF_WEO_2009-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>According to this definition, since <a href="/wiki/World_War_II" title="World War II">World War II</a> there were only four global recessions (in 1975, 1982, 1991 and 2009), all of them only lasting a year (although the 1991 recession would have lasted until 1993 if the IMF had used normal exchange rate weighted per‑capita real World GDP rather than the <a href="/wiki/Purchasing_power_parity" title="Purchasing power parity">purchasing power parity</a> weighted per‑capita real World GDP).<sup id="cite_ref-New_IMF_Global_Recession_definition_1-1" class="reference"><a href="#cite_note-New_IMF_Global_Recession_definition-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IMF_WEO_2009_2-1" class="reference"><a href="#cite_note-IMF_WEO_2009-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The 2009 global recession, also known as the <a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a>, was by far the worst of the four postwar recessions, both in terms of the number of countries affected and the decline in real World GDP per capita.<sup id="cite_ref-New_IMF_Global_Recession_definition_1-2" class="reference"><a href="#cite_note-New_IMF_Global_Recession_definition-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-IMF_WEO_2009_2-2" class="reference"><a href="#cite_note-IMF_WEO_2009-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Before April 2009, the IMF argued that a global annual <a href="/wiki/Real_GDP" class="mw-redirect" title="Real GDP">real GDP</a> growth rate of 3.0 percent or less was "equivalent to a global recession".<sup id="cite_ref-economist-12381879_3-0" class="reference"><a href="#cite_note-economist-12381879-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> By this measure, there were six global recessions since 1970: 1974–75,<sup id="cite_ref-IMF0901_5-0" class="reference"><a href="#cite_note-IMF0901-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> 1984–85,<sup id="cite_ref-IMF0901_5-1" class="reference"><a href="#cite_note-IMF0901-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> 1990–93,<sup id="cite_ref-b1_6-0" class="reference"><a href="#cite_note-b1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> 1996,<sup id="cite_ref-b1_6-1" class="reference"><a href="#cite_note-b1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> 2008–09,<sup id="cite_ref-b1_6-2" class="reference"><a href="#cite_note-b1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and 2018–19.<sup id="cite_ref-IMF1301_7-0" class="reference"><a href="#cite_note-IMF1301-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_recession&action=edit&section=2" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Informally, a national <a href="/wiki/Recession" title="Recession">recession</a> is a period of declining economic output. In a 1974 <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a></i> article, <a href="/wiki/Julius_Shiskin" title="Julius Shiskin">Julius Shiskin</a> suggested several <a href="/wiki/Rules_of_thumb" class="mw-redirect" title="Rules of thumb">rules of thumb</a> to identify a recession, which included two successive quarterly declines in <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP), a measure of the nation's output.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> This two-quarter metric is now a commonly held definition of a recession. In the United States, the <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a> (NBER) is regarded as the authority which identifies a recession and which takes into account several measures in addition to GDP growth before making an assessment. In many developed nations (but not the United States), the two-quarter rule is also used for identifying a recession.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Whereas a national recession is identified by two quarters of decline, defining a <b>global recession</b> is more difficult, because a <a href="/wiki/Developing_country" title="Developing country">Developing country</a> is expected to have a higher GDP growth than a <a href="/wiki/Developed_country" title="Developed country">Developed country</a>.<sup id="cite_ref-imf-weo-2008-03_10-0" class="reference"><a href="#cite_note-imf-weo-2008-03-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> According to the IMF, the real GDP growth of the emerging and developing countries is on an uptrend and that of advanced economies is on a downtrend since the late 1980s. The world growth is projected to slow from 5% in 2007 to 3.75% in 2008 and to just over 2% in 2009. Downward revisions in GDP growth vary across regions. Among the most affected are commodity exporters, and countries with acute external financing and <a href="/wiki/Liquidity_risk" title="Liquidity risk">liquidity problems</a>. If a global recession were to occur in its full magnitude, an estimated 100 million jobs would be lost around the world, with total lost capital hovering at US$120 trillion. Countries in <a href="/wiki/East_Asia" title="East Asia">East Asia</a> (including <a href="/wiki/China" title="China">China</a>) have suffered smaller declines because their financial situations are more robust. They have benefited from falling commodity prices and they have initiated a shift toward macroeconomic policy easing.<sup id="cite_ref-imf-weo-2008-03_10-1" class="reference"><a href="#cite_note-imf-weo-2008-03-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The IMF estimates that global recessions occur over a cycle lasting between eight and ten years. During what the IMF terms the past three global recessions of the last three decades, global per capita output growth was zero or negative.<sup id="cite_ref-b1_6-3" class="reference"><a href="#cite_note-b1-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_recession&action=edit&section=3" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</li> <li><a href="/wiki/2007%E2%80%932008_world_food_price_crisis" title="2007–2008 world food price crisis">2007–2008 world food price crisis</a></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> (2020–2022)</li> <li><a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">Financial crisis of 2007–2008</a></li> <li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> (2007–2009)</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> (1929–1939)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_recession&action=edit&section=4" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-New_IMF_Global_Recession_definition-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-New_IMF_Global_Recession_definition_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-New_IMF_Global_Recession_definition_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-New_IMF_Global_Recession_definition_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession/">"What's a Global Recession?"</a>. The Wall Street Journal. 22 April 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">17 September</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What%27s+a+Global+Recession%3F&rft.pub=The+Wall+Street+Journal&rft.date=2009-04-22&rft_id=https%3A%2F%2Fblogs.wsj.com%2Feconomics%2F2009%2F04%2F22%2Fwhats-a-global-recession%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-IMF_WEO_2009-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-IMF_WEO_2009_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IMF_WEO_2009_2-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-IMF_WEO_2009_2-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/text.pdf">"World Economic Outlook - April 2009: Crisis and Recovery"</a> <span class="cs1-format">(PDF)</span>. <i>Box 1.1 (page 11-14)</i>. IMF. 24 April 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">17 September</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Box+1.1+%28page+11-14%29&rft.atitle=World+Economic+Outlook+-+April+2009%3A+Crisis+and+Recovery&rft.date=2009-04-24&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fweo%2F2009%2F01%2Fpdf%2Ftext.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-economist-12381879-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-economist-12381879_3-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.economist.com/finance/displaystory.cfm?story_id=12381879">"The world economy Bad, or worse"</a>. Economist.com. 2008-10-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+world+economy+Bad%2C+or+worse&rft.date=2008-10-09&rft_id=https%3A%2F%2Fwww.economist.com%2Ffinance%2Fdisplaystory.cfm%3Fstory_id%3D12381879&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Lall, Subir. "IMF Predicts Slower World Growth Amid Serious Market Crisis," International Monetary Fund, April 9, 2008. <a rel="nofollow" class="external autonumber" href="http://www.imf.org/external/pubs/ft/survey/so/2008/RES040908A.htm">[1]</a></span> </li> <li id="cite_note-IMF0901-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-IMF0901_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-IMF0901_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external free" href="http://www.imf.org/external/pubs/ft/weo/2009/update/01/index.htm">http://www.imf.org/external/pubs/ft/weo/2009/update/01/index.htm</a> IMF Jan 2009 update</span> </li> <li id="cite_note-b1-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-b1_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-b1_6-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-b1_6-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-b1_6-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601087&sid=arlKrFbn3pfY&refer=home">"Global Recession Risk Grows as U.S. 'Damage' Spreads. Jan 2008"</a>. Bloomberg.com. 2008-01-28<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Global+Recession+Risk+Grows+as+U.S.+%27Damage%27+Spreads.+Jan+2008&rft.pub=Bloomberg.com&rft.date=2008-01-28&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fapps%2Fnews%3Fpid%3D20601087%26sid%3DarlKrFbn3pfY%26refer%3Dhome&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-IMF1301-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-IMF1301_7-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/tables.pdf">"World Economic Outlook (WEO) April 2013: Statistical appendix - Table A1 - Summary of World Output"</a> <span class="cs1-format">(PDF)</span>. IMF. 16 April 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">16 April</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=World+Economic+Outlook+%28WEO%29+April+2013%3A+Statistical+appendix+-+Table+A1+-+Summary+of+World+Output&rft.pub=IMF&rft.date=2013-04-16&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fweo%2F2013%2F01%2Fpdf%2Ftables.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAchuthan2008" class="citation news cs1">Achuthan, Lakshman (2008-05-06). <a rel="nofollow" class="external text" href="https://money.cnn.com/2008/05/05/news/economy/recession/index.htm">"The risk of redefining recession, Lakshman Achuthan and Anirvan Banerji, Economic Cycle Research Institute, May 7, 2008"</a>. 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Retrieved <span class="nowrap">2009-04-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+risk+of+redefining+recession%2C+Lakshman+Achuthan+and+Anirvan+Banerji%2C+Economic+Cycle+Research+Institute%2C+May+7%2C+2008&rft.date=2008-05-06&rft.aulast=Achuthan&rft.aufirst=Lakshman&rft_id=https%3A%2F%2Fmoney.cnn.com%2F2008%2F05%2F05%2Fnews%2Feconomy%2Frecession%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=20601087&sid=aUUg6ckAsM5U&refer=hom">Japan's Economy Shrinks 0.4%, Confirming Recession</a> By Jason Clenfield</span> </li> <li id="cite_note-imf-weo-2008-03-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-imf-weo-2008-03_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-imf-weo-2008-03_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/weo/2008/update/03/index.htm">"IMF World Economic Outlook (WEO) Update - Rapidly Weakening Prospects Call for New Policy Stimulus - November 2008"</a>. Imf.org. 2008-11-06<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-04-15</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=IMF+World+Economic+Outlook+%28WEO%29+Update+-+Rapidly+Weakening+Prospects+Call+for+New+Policy+Stimulus+-+November+2008&rft.pub=Imf.org&rft.date=2008-11-06&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Fweo%2F2008%2Fupdate%2F03%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGlobal+recession" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_recession&action=edit&section=5" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.imf.org/external/np/res/seminars/2004/mussa/pdf/aliber.pdf">The Thirty-Five Most Tumultuous Years in Monetary History</a>: Shocks and Financial Trauma, by Robert Aliber. Presented at the IMF</li> <li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080925210636/http://www.nber.org/cycles.html">Business Cycle Expansions and Contractions</a> The National Bureau Of Economic Research</li> <li><a rel="nofollow" class="external text" href="http://www.aier.org/research/">Independent Analysis of Business Cycle Conditions</a> - American Institute for Economic Research (AIER)</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol 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.navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Globalization" title="Template:Globalization"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Globalization" title="Template talk:Globalization"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a 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/></span></span> <a href="/wiki/Outline_of_globalization" title="Outline of globalization">Outline</a></li> <li><a href="/wiki/Global_studies" title="Global studies">Studies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Aspects</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alter-globalization" title="Alter-globalization">Alter-globalization</a></li> <li><a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">Anti-globalization movement</a></li> <li><a href="/wiki/Cultural_globalization" title="Cultural globalization">Cultural globalization</a></li> <li><a href="/wiki/Deglobalization" title="Deglobalization">Deglobalization</a></li> <li><a href="/wiki/Democratic_globalization" title="Democratic globalization">Democratic globalization</a></li> <li><a href="/wiki/Economic_globalization" title="Economic globalization">Economic globalization</a></li> <li><a href="/wiki/Environmental_globalization" title="Environmental globalization">Environmental globalization</a></li> <li><a href="/wiki/Global_citizenship" title="Global citizenship">Global citizenship</a> <ul><li><a href="/wiki/Global_citizenship_education" title="Global citizenship education">education</a></li></ul></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/Global_governance" title="Global governance">Global governance</a></li> <li><a href="/wiki/Global_health" title="Global health">Global health</a></li> <li><a href="/wiki/International_migration" title="International migration">Global migration</a></li> <li><a href="/wiki/Global_politics" title="Global politics">Global politics</a></li> <li><a href="/wiki/Global_workforce" title="Global workforce">Global workforce</a></li> <li><a href="/wiki/Globality" title="Globality">Globality</a></li> <li><a href="/wiki/History_of_globalization" title="History of globalization">History of</a> <ul><li><a href="/wiki/Archaic_globalization" title="Archaic globalization">archaic</a></li> <li><a href="/wiki/Proto-globalization" title="Proto-globalization">early modern</a></li></ul></li> <li><a href="/wiki/Military_globalization" title="Military globalization">Military globalization</a></li> <li><a href="/wiki/Political_globalization" title="Political globalization">Political globalization</a></li> <li><a href="/wiki/Trade_globalization" title="Trade globalization">Trade globalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Global</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change" title="Climate change">Climate change</a> <ul><li><a href="/wiki/Climate_justice" title="Climate justice">Climate justice</a></li></ul></li> <li><a href="/wiki/Globalization_and_disease" title="Globalization and disease">Disease</a> <ul><li><a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a></li></ul></li> <li><a href="/wiki/Global_digital_divide" title="Global digital divide">Digital divide</a></li> <li><a href="/wiki/Global_labor_arbitrage" title="Global labor arbitrage">Labor arbitrage</a></li> <li><a href="/wiki/Multilingualism_and_globalization" title="Multilingualism and globalization">Multilingualism</a></li> <li><a href="/wiki/World_population" title="World population">Population</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a> <ul><li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversions</a></li></ul></li> <li><a href="/wiki/Water_security" title="Water security">Water crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Other</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Human_capital_flight" title="Human capital flight">Brain drain</a> <ul><li><a href="/wiki/Reverse_brain_drain" title="Reverse brain drain">reverse</a></li></ul></li> <li><a href="/wiki/Care_drain" title="Care drain">Care drain</a></li> <li><a href="/wiki/Development_aid" title="Development aid">Development aid</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Endangered_language" title="Endangered language">Endangered languages</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a href="/wiki/Forced_displacement" title="Forced displacement">Forced displacement</a></li> <li><a href="/wiki/Human_rights" title="Human rights">Human rights</a></li> <li><a href="/wiki/Illicit_financial_flows" title="Illicit financial flows">Illicit financial flows</a></li> <li><a href="/wiki/Imperialism" title="Imperialism">Imperialism</a> <ul><li><a href="/wiki/Academic_imperialism" title="Academic imperialism">academic</a></li> <li><a href="/wiki/Cultural_imperialism" title="Cultural imperialism">cultural</a></li> <li><a href="/wiki/Linguistic_imperialism" title="Linguistic imperialism">linguistic</a></li> <li><a href="/wiki/Media_imperialism" title="Media imperialism">media</a></li> <li><a href="/wiki/Scientific_imperialism" title="Scientific imperialism">scientific</a></li> <li><a href="/wiki/Social_imperialism" title="Social imperialism">social</a></li></ul></li> <li><a href="/wiki/Invasive_species" title="Invasive species">Invasive species</a></li> <li><a href="/wiki/Investor-state_dispute_settlement" class="mw-redirect" title="Investor-state dispute settlement">Investor-state disputes</a></li> <li><a href="/wiki/McDonaldization" title="McDonaldization">McDonaldization</a></li> <li><a href="/wiki/New_international_division_of_labour" title="New international division of labour">New international division of labour</a></li> <li><a href="/wiki/North%E2%80%93South_divide_in_the_World" class="mw-redirect" title="North–South divide in the World">North–South divide</a></li> <li><a href="/wiki/Offshoring" title="Offshoring">Offshoring</a></li> <li><a href="/wiki/Race_to_the_bottom" title="Race to the bottom">Race to the bottom</a> <ul><li><a href="/wiki/Pollution_haven_hypothesis" title="Pollution haven hypothesis">pollution havens</a></li></ul></li> <li><a href="/wiki/Transnational_organized_crime" title="Transnational organized crime">Transnational crime</a></li> <li><a href="/wiki/Westernization" title="Westernization">Westernization</a></li> <li><a href="/wiki/World_war" title="World war">World war</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theories</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Dependency_theory" title="Dependency theory">Dependency</a></li> <li><a href="/wiki/Development_theory" title="Development theory">Development</a></li> <li><a href="/wiki/Earth_system_science" title="Earth system science">Earth system</a></li> <li><a href="/wiki/Fiscal_localism" title="Fiscal localism">Fiscal localism</a></li> <li><a href="/wiki/Modernization_theory" title="Modernization theory">Modernization</a> <ul><li><a href="/wiki/Ecological_modernization" title="Ecological modernization">ecological</a></li> <li><a href="/wiki/History_of_modernisation_theory" title="History of modernisation theory">history of</a></li></ul></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Social_change" title="Social change">Social change</a></li> <li><a href="/wiki/World_history_(field)" title="World history (field)">World history</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable<br />scholars</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Economics</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/David_Autor" title="David Autor">David Autor</a></li> <li><a href="/wiki/Richard_Baldwin_(economist)" title="Richard Baldwin (economist)">Richard Baldwin</a></li> <li><a href="/wiki/Ravi_Batra" title="Ravi Batra">Ravi Batra</a></li> <li><a href="/wiki/Jagdish_Bhagwati" title="Jagdish Bhagwati">Jagdish Bhagwati</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Robert Brenner</a></li> <li><a href="/wiki/Jayati_Ghosh" title="Jayati Ghosh">Jayati Ghosh</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Branko_Milanovi%C4%87" title="Branko Milanović">Branko Milanović</a></li> <li><a href="/wiki/Kevin_O%27Rourke" title="Kevin O'Rourke">Kevin O'Rourke</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a></li> <li><a href="/wiki/Dani_Rodrik" title="Dani Rodrik">Dani Rodrik</a></li> <li><a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Political <br />economy</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a></li> <li><a href="/wiki/Giovanni_Arrighi" title="Giovanni Arrighi">Giovanni Arrighi</a></li> <li><a href="/wiki/Robert_W._Cox" title="Robert W. Cox">Robert W. Cox</a></li> <li><a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a></li> <li><a href="/wiki/Stephen_Gill_(political_scientist)" title="Stephen Gill (political scientist)">Stephen Gill</a></li> <li><a href="/wiki/Peter_Gowan" title="Peter Gowan">Peter Gowan</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Susan_Strange" title="Susan Strange">Susan Strange</a></li> <li><a href="/wiki/Robert_Wade_(scholar)" title="Robert Wade (scholar)">Robert Wade</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Politics / <br /> sociology</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arjun_Appadurai" title="Arjun Appadurai">Arjun Appadurai</a></li> <li><a href="/wiki/Daniele_Archibugi" title="Daniele Archibugi">Daniele Archibugi</a></li> <li><a href="/wiki/Kwame_Anthony_Appiah" title="Kwame Anthony Appiah">K. Anthony Appiah</a></li> <li><a href="/wiki/Ulrich_Beck" title="Ulrich Beck">Ulrich Beck</a></li> <li><a href="/wiki/Walden_Bello" title="Walden Bello">Walden Bello</a></li> <li><a href="/wiki/Jean_Baudrillard" title="Jean Baudrillard">Jean Baudrillard</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Zygmunt Bauman</a></li> <li><a href="/wiki/Manuel_Castells" title="Manuel Castells">Manuel Castells</a></li> <li><a href="/wiki/Christopher_Chase-Dunn" title="Christopher Chase-Dunn">Christopher Chase-Dunn</a></li> <li><a href="/wiki/Alfred_W._Crosby" title="Alfred W. Crosby">Alfred Crosby</a></li> <li><a href="/wiki/Nancy_Fraser" title="Nancy Fraser">Nancy Fraser</a></li> <li><a href="/wiki/Susan_George_(political_scientist)" title="Susan George (political scientist)">Susan George</a></li> <li><a href="/wiki/Anthony_Giddens" title="Anthony Giddens">Anthony Giddens</a></li> <li><a href="/wiki/Michael_Hardt" title="Michael Hardt">Michael Hardt</a></li> <li><a href="/wiki/David_Held" title="David Held">David Held</a></li> <li><a href="/wiki/Paul_Hirst" title="Paul Hirst">Paul Hirst</a></li> <li><a href="/wiki/L._H._M._Ling" title="L. H. M. Ling">L. H. M. Ling</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Antonio Negri</a></li> <li><a href="/wiki/George_Ritzer" title="George Ritzer">George Ritzer</a></li> <li><a href="/wiki/Saskia_Sassen" title="Saskia Sassen">Saskia Sassen</a></li> <li><a href="/wiki/John_Urry_(sociologist)" title="John Urry (sociologist)">John Urry</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Immanuel Wallerstein</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Non–academic</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Noam_Chomsky" title="Noam Chomsky">Noam Chomsky</a></li> <li><a href="/wiki/Thomas_Friedman" title="Thomas Friedman">Thomas Friedman</a></li> <li><a href="/wiki/Naomi_Klein" title="Naomi Klein">Naomi Klein</a></li> <li><a href="/wiki/John_Ralston_Saul" title="John Ralston Saul">John R. Saul</a></li> <li><a href="/wiki/Vandana_Shiva" title="Vandana Shiva">Vandana Shiva</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Globalization" title="Category:Globalization">Category</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of 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href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a class="mw-selflink selflink">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img 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