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Trade and Development Report, 2009: Responding to the global crisis climate change mitigation and development

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Even before the financial turmoil turned into a full-blown crisis in September 2008, growth of gross
domestic product (GDP) had ground to a halt in most developed countries. Subsequently the slowdown turned
into a fully-fledged recession, and in 2009 global GDP is expected to fall by more than 2.5 per cent. The
crisis is unprecedented in depth and breadth, with virtually no economy left unscathed. Even economies that
are expected to grow this year, such as those of China and India, are slowing down significantly compared
to previous years.
Starting in the United States subprime mortgage market, the financial crisis spread quickly, infecting the
entire United States financial system and, almost simultaneously, the financial markets of other developed
countries. No market was spared, from the stock markets and real estate markets of a large number of developed
and emerging-market economies, to currency markets and primary commodity markets. The credit crunch
following the collapse or near collapse of major financial institutions affected activity in the real economy,
which accelerated the fall in private demand, causing the greatest recession since the Great Depression. The
crisis has affected most strongly companies, incomes and employment in the financial sector itself, but also
in the construction, capital goods and durable consumer goods industries where demand depends largely
on credit. In the first quarter of 2009 gross fixed capital formation and manufacturing output in most of the
world’s major economies fell at double digit rates. Meanwhile problems with solvency in the non-financial
sector in many countries fed back into the financial system.

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AWDF.0271.C1

AWDF.0271

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Series Title

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Call Number

AWDF.0271

Publisher

New York : United Nat ions Publicat ion., 2009

Collation

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Language

English

ISBN/ISSN

978-92-1-112776-8

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Edition

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