Recession of 2009/Addendum: Difference between revisions

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{{subpages}}
==Selected economic statistics==
==Selected economic statistics==


===Growth rates===
===Growth rates===


GDP at constant market prices<br>
:GDP at constant market prices<br>
|% change on previous period  
::% change on previous period  


::{|class="wikitable"
::{|class="wikitable"
!
!colspan = "4"|
!colspan = "4"|2007
!colspan = "4"|2008
!colspan = "4"|2009
!colspan = "4"|2010
!colspan = "4"|2011
|-
!
!
! 2006
! 2006
Line 13: Line 20:
! 2008
! 2008
! 2009
! 2009
!Q1 07
!Q1  
!Q2 07
!Q2  
!Q3 07
!Q3  
!Q4 07
!Q4  
!Q1 08
!Q1  
!Q2 08
!Q2  
!Q3 08
!Q3  
!Q4 08
!Q4  
!Q1 09
!Q1  
!Q2 09
!Q2  
!Q3 09
!Q3  
!Q4 09
!Q4  
!Q1
!Q2
!Q3
!Q4
!Q1
!Q2
!Q3
!Q4 
|-
|-
|United States
|United States
Line 39: Line 54:
| -0.1
| -0.1
| -1.4
| -1.4
| -1.6
| -1.2
| -0.3
| -0.2
| 0.4
| 1.2
| 0.9
| 0.9
| 0.9
| 1.5
| 0.6
| 0.6
| 0.1
| 0.3
| 0.5
| 0.7
|-
|-
|Japan
|Japan
Line 57: Line 80:
| -0.4
| -0.4
| -3.2
| -3.2
| -3.3
| -4.2
| 0.6
|  1.7
| 1.2
|  0.1
| 0.9
| 1.1
| 1.2
| 1.3
| 0.6
| -0.6
| -1.8
| -0.3
| 1.7
| -0.2
|-
|-
|Canada
|Canada
Line 79: Line 110:
| 0.1
| 0.1
| 1.2
| 1.2
| 1.5
| 0.6
| 0.6
| 0.8
| 0.9
| -0.2
| 1.0
| 0.4
|-
|-
|United Kingdom
|United Kingdom
Line 93: Line 132:
| -0.7
| -0.7
| -1.6
| -1.6
| -2.4
| -2.3
| -0.6
| -0.7
| -0.2
| -0.3
|  0.3
|  0.4
|  0.4
|  1.1
|  0.7
| -0.5
|  0.2
| -0.1 
|  0.6
| -0.3
|-
|-
|Germany
|Germany
Line 111: Line 158:
| -0.5
| -0.5
| -2.1
| -2.1
| -3.8
| -3.4
|  0.5
|  0.7
|  0.3
|  0.3
|  0.7
|  0.6
|  0.0
|  1.9
|
|  0.8
|  0.5
| 1.3
| 0.3
| 0.6
| -0.2
|-
|-
|France
|France
Line 130: Line 184:
| 0.1
| 0.1
| -1.1
| -1.1
| -1.2
| -1.5
|  0.3
|  0.1
|  0.3
|  0.3
|  0.6
|  0.6
|
| 0.2
|  0.7
|  0.4
|  0.4
| 0.9
| 0.0
| 0.3
| 0.2
|-
|-
|Italy
|Italy
Line 149: Line 210:
| -0.7
| -0.7
| -2.1
| -2.1
| -2.4
| -2.9
| -0.5
| 0.8
| -0.3
| -0.3
| 0.4
| -0.1
|  0.4
|  0.5
|  0.2
|  0.2
|  0.1
|  0.3
| -0.2
| -0.7
|}
|}
::(Source: OECD, Main Economic Indicators)


::(Source: OECD, Main Economic Indicators)
===Consumer prices===
: percentage increase on the same period of the previous year


===World Trade===
:::::::{|class = "wikitable"
: OECD  trade in goods and services
: % volume change on previous quarter.


:::::::{|class="wikitable"  
! colspan = "3"|
! colspan = "4"| 2009
|-
!
!
!colspan = "4"|2008
! 2008
!colspan = "4"|2009
! 2009
! &nbsp;Mar&nbsp;
! &nbsp;Jun&nbsp;
! &nbsp;Sep&nbsp;
! &nbsp;Dec&nbsp;
|-
! United States
| align = "center"| 3.8
| align = "center"|-0.4
| align = "center"|-0.4
| align = "center"|-1.4
| align = "center"|-1.3
| align = "center"|2.7
|-
! United Kingdom
| align = "center"| 3.6
| align = "center"| 2.2
| align = "center"| 2.9
| align = "center"| 1.8
| align = "center"| 1.1
| align = "center"| 2.8
|-
! France
| align = "center"| 2.8
| align = "center"| 0.1
| align = "center"| 0.3
| align = "center"| -0.5
| align = "center"| -0.4
| align = "center"| 0.9
|-
! Germany
| align = "center"| 2.6
| align = "center"| 0.4
| align = "center"| 0.5
| align = "center"| 0.1
| align = "center"| -0.3
| align = "center"| 0.9
|-
|-
!
! Italy
!Q1
| align = "center"| 3.3
!Q2
| align = "center"| 0.8
!Q3
| align = "center"| 1.2
!Q4
| align = "center"| 0.5
!Q1
| align = "center"| 0.2
!Q2
| align = "center"| 1.3
!Q3
!Q4
|-
|-
!Exports
! Japan
| 5.2
| align = "center"| 1.4
| 5.4
| align = "center"| -1.4
| -2.7
| align = "center"| -0.3
| -18.1
| align = "center"| -1.8
| -13.4
| align = "center"| -2.2
| 1.8
| align = "center"| -1.3
| 7.8
|
|-
|-
!Imports
! G7 countries
|5.7
| align = "center"| 3.2
|4.8
| align = "center"| -0.1
| -2.8
| align = "center"| -0.1
| -18.2
| align = "center"| -0.9
| -14.7
| align = "center"| -1.0
| -0.8
| align = "center"|  1.8
| 8.7
|
|}
|}


::(Source: OECD economic indicators[http://www.oecd.org/dataoecd/10/47/44479849.pdf])
: (Source OECD[http://www.oecd.org/document/57/0,3343,en_2649_33715_44523833_1_1_1_1,00.html] )
 
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
===Unemployment rates===
===Unemployment rates===
: OECD harmonised rates
: OECD harmonised rates
: %  seasonally adjusted)
:: %  seasonally adjusted)


:::::::{|class = "wikitable"
:::::::{|class = "wikitable"
!
!colspan = "3"|
!colspan = "4"|2009
|-
!align="center"|
!align="center"|
!align="center"| 2007  
!align="center"| 2007  
!align="center"| 2008  
!align="center"| 2008  
!align="center"| 2009
!align="center"| 2009
!align="center"| 2009 I
!align="center"| &nbsp; Q1&nbsp;
!align="center"| 2009 II
!align="center"| &nbsp; Q2&nbsp;
!align="center"| 2009 III
!align="center"| &nbsp; Q3&nbsp;
!align="center"| 2009 IV
!align="center"| &nbsp; Q4&nbsp;
|-
|-
|align="center"| United States
|align="center"| United States
Line 225: Line 332:
|align="center"| 5.3
|align="center"| 5.3
|align="center"| 5.5
|align="center"| 5.5
|align="center"|  
|align="center"| 7.6
|align="center"| 7.1
|align="center"| 7.1
|align="center"| 7.7
|align="center"| 7.7
|align="center"| 7.8
|align="center"| 7.8
|align="center"|  
|align="center"| 7.7
|-
|-
|align="center"|Japan
|align="center"|Japan
Line 259: Line 366:
|}
|}


::::::::::::::::::::::::                         
:: (Source: OECD)[http://www.oecd.org/dataoecd/20/21/44746304.pdf]
:: (Source: OECD)[http://www.oecd.org/dataoecd/20/21/44746304.pdf]
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
===Commodity prices===
IMF Index of Primary Commodity Prices,
(2005=100, in terms of US dollars)
:::::::{|class = "wikitable"
| colspan = "4" align = "center"|2007
| colspan = "4" align = "center"|2008
| colspan = "4" align = "center"|2009
|-
| Q1
| Q2
| Q3
| Q4
| Q1
| Q2
| Q3
| Q4
| Q1
| Q2
| Q3
| Q4
|-
| 118
| 130
| 137
| 154
| 172
| 203
| 197
| 117
| 99
| 114
| 126
| 136
|}


:::(Source: IMF [http://www.imf.org/external/np/res/commod/table1a.pdf])
===The oil price===
The price of crude oil on the New York Stock Exchange ($/barrel[http://www.nyse.tv/crude-oil-price-history.htm])
:::::::{|class = "wikitable"
!colspan = "2"|2007
!colspan = "2"|2008
!colspan = "2"| 2009
!colspan = "2"| 2010
|-
| January
| &nbsp;&nbsp;June&nbsp;&nbsp;
| January
| &nbsp;&nbsp;June&nbsp;&nbsp;
| January
| &nbsp;&nbsp;June&nbsp;&nbsp;
| January
| &nbsp;&nbsp;June&nbsp;&nbsp;
|-
|align="center"| 56
|align="center"| 65
|align="center"| 98
|align="center"| 139
|align="center"| 46
|align="center"| 68
|align="center"| 83
|align="center"| 72
|}
===World trade===
: OECD  trade in goods and services
:: % value change on previous quarter (priced in US$).
:::::::{|class="wikitable"
!
!colspan = "4"|2008
!colspan = "4"|2009
!colspan = "4"|2010
|-
!
!Q1
!Q2
!Q3
!Q4
!Q1
!Q2
!Q3
!Q4
!Q1
!Q2
!Q3
!Q4
|-
!Exports
| 5.6
| 5.6
| -3.0
| -18.4
| -12.7
| 1.8
| 7.5
| 7.6
| 0.6
|
|
|
|-
!Imports
|6.2
|5.2
| -2.0
| -18.5
| -14.3
| -0.5
| 8.1
| 6.2
| 2.5
|
|
|
|}
::(Source: OECD economic indicators[http://www.oecd.org/dataoecd/10/47/44479849.pdf])
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
==Policy Actions==
===Central bank measures===
:::{|class = "wikitable"
!
! Federal Reserve Bank
! European Central Bank
! &nbsp;&nbsp;Bank of Japan&nbsp;&nbsp;
! &nbsp;&nbsp;Bank of England&nbsp;&nbsp;
|-
! Lowering policy rates
to very low levels
|Align = "center"|X
|Align = "center"|De facto
|Align = "center"|X
|Align = "center"|X
|-
! Increasing liquidity provision
to financial institutions
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|-
! Intervening directly in wider
segments of the financial market
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|-
! Purchasing long-term
government bonds
|Align = "center"|X
|Align = "center"|
|Align = "center"|X
|Align = "center"|X
|-
!Supporting specific
institutions
|Align = "center"|X
|Align = "center"|
|Align = "center"|X
|Align = "center"|X
|}
:Source: OECD Economics Working Papper No 753 February 2010[http://www.oecdilibrary.org/docserver/download/fulltext/5kml6xm7qgs6.pdf?expires=1271935601&id=0000&accname=freeContent&checksum=4409F41DDF3E1725FB09A73F274F2806]
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
===[[Fiscal stimulus]] packages===
===[[Fiscal stimulus]] packages===
: ( % of GDP)
: % of GDP


:::::::::{|class = "wikitable"
:::::::::{|class = "wikitable"
Line 316: Line 600:


::(Source: IMF estimates February 2009 [http://www.imf.org/external/np/pp/eng/2009/020109.pdf])
::(Source: IMF estimates February 2009 [http://www.imf.org/external/np/pp/eng/2009/020109.pdf])
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
==Debt==


===Public debt===
===Public debt estimates===
:([[National debt]] % of GDP )
:([[National debt]]
:: % of GDP )


:::{|class = "wikitable"
:::{|class = "wikitable"
Line 370: Line 659:


::(Source: IMF Staff Position Note November 2009 [https://www.imf.org/external/pubs/ft/spn/2009/spn0925.pdf])
::(Source: IMF Staff Position Note November 2009 [https://www.imf.org/external/pubs/ft/spn/2009/spn0925.pdf])
 
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>
===Total debt===
===Total debt===


Line 433: Line 724:
|}
|}


:(Source: ''Debt and Deleverageing, the Global Credit Bubble and its Consequences'', McKinsey, 2010)
:(Source: ''Debt and Deleverageing, the Global Credit Bubble and its Consequences'', McKinsey, 2010[http://www.mckinsey.com/mgi/reports/freepass_pdfs/debt_and_deleveraging/debt_and_deleveraging_full_report.pdf])
 
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>




<references/>
<references/>

Latest revision as of 05:11, 24 April 2012

Selected economic statistics

Growth rates

GDP at constant market prices
% change on previous period
2007 2008 2009 2010 2011
2006 2007 2008 2009 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
United States 2.8 2.0 0.4 -2.4 0.0 1.2 1.6 0.0 0.2 0.7 -0.1 -1.4 -1.2 -0.2 0.4 1.2 0.9 0.9 0.6 0.6 0.1 0.3 0.5 0.7
Japan 2.0 2.4 -0.6 -5.3 1.0 -0.3 0.4 1.0 0.3 -1.2 -0.4 -3.2 -4.2 1.7 0.1 1.1 1.2 1.3 0.6 -0.6 -1.8 -0.3 1.7 -0.2
Canada 3.1 2.7 0.5 -2.6 1.0 1.0 0.6 0.2 -0.2 0.1 0.2 0.8 -1.4 -0.6 0.1 1.2 1.5 0.6 0.6 0.8 0.9 -0.2 1.0 0.4
United Kingdom 2.8 3.0 0.7 -4.8 0.8 0.8 0.6 0.9 0.3 0.0 -0.7 -1.6 -2.3 -0.7 -0.3 0.4 0.4 1.1 0.7 -0.5 0.2 -0.1 0.6 -0.3
Germany 3.0 2.5 1.3 -5.0 0.4 0.4 0.6 0.3 1.5 -0.5 -0.5 -2.1 -3.4 0.5 0.7 0.3 0.6 1.9 0.8 0.5 1.3 0.3 0.6 -0.2
France 2.2 2.2 0.8 -2.3 0.6 0.5 0.7 0.4 0.4 -0.3 0.1 -1.1 -1.5 0.1 0.3 0.6 0.2 0.7 0.4 0.4 0.9 0.0 0.3 0.2
Italy 2.0 1.6 -1.0 -5.0 0.2 0.1 0.2 -0.3 0.3 -0.6 -0.7 -2.1 -2.9 -0.3 0.4 -0.1 0.4 0.5 0.2 0.2 0.1 0.3 -0.2 -0.7
(Source: OECD, Main Economic Indicators)

Consumer prices

percentage increase on the same period of the previous year
2009
2008 2009  Mar   Jun   Sep   Dec 
United States 3.8 -0.4 -0.4 -1.4 -1.3 2.7
United Kingdom 3.6 2.2 2.9 1.8 1.1 2.8
France 2.8 0.1 0.3 -0.5 -0.4 0.9
Germany 2.6 0.4 0.5 0.1 -0.3 0.9
Italy 3.3 0.8 1.2 0.5 0.2 1.3
Japan 1.4 -1.4 -0.3 -1.8 -2.2 -1.3
G7 countries 3.2 -0.1 -0.1 -0.9 -1.0 1.8
(Source OECD[1] )

RETURN TO THE TOP

Unemployment rates

OECD harmonised rates
% seasonally adjusted)
2009
2007 2008 2009   Q1    Q2    Q3    Q4 
United States 4.6 5.8 9.3 8.2 9.3 9.7 10.0
United Kingdom 5.3 5.5 7.6 7.1 7.7 7.8 7.7
Japan 3.9 4.0 5.1 4.5 5.1 5.1 5.2
Germany 8.4 7.3 7.5 7.3 7.6 7.6 7.5
France 8.3 7.9 9.4 8.9 9.3 9.5 10.0
(Source: OECD)[2]

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Commodity prices

IMF Index of Primary Commodity Prices, (2005=100, in terms of US dollars)

2007 2008 2009
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
118 130 137 154 172 203 197 117 99 114 126 136
(Source: IMF [3])

The oil price

The price of crude oil on the New York Stock Exchange ($/barrel[4])

2007 2008 2009 2010
January   June   January   June   January   June   January   June  
56 65 98 139 46 68 83 72

World trade

OECD trade in goods and services
% value change on previous quarter (priced in US$).
2008 2009 2010
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Exports 5.6 5.6 -3.0 -18.4 -12.7 1.8 7.5 7.6 0.6
Imports 6.2 5.2 -2.0 -18.5 -14.3 -0.5 8.1 6.2 2.5
(Source: OECD economic indicators[5])

RETURN TO THE TOP

Policy Actions

Central bank measures

Federal Reserve Bank European Central Bank   Bank of Japan     Bank of England  
Lowering policy rates

to very low levels

X De facto X X
Increasing liquidity provision

to financial institutions

X X X X
Intervening directly in wider

segments of the financial market

X X X X
Purchasing long-term

government bonds

X X X
Supporting specific

institutions

X X X
Source: OECD Economics Working Papper No 753 February 2010[6]

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Fiscal stimulus packages

% of GDP
2008 2009 2010 Total
United States 1.1 2.0 1.8 4.8
United Kingdom 0.2 1.4 -0.1 1.5
Germany 0.0 1.5 2.0 3.4
France 0.0 0.7 0.7 1.3
Japan 0.4 1.4 0.4 2.2
Canada 0.0 1.5 1.3 2.7
China 0.4 2.0 2.0 4.4
(Source: IMF estimates February 2009 [7])

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Debt

Public debt estimates

(National debt
% of GDP )
   Japan       Italy       France      Germany    United States United Kingdom Average [1]
2007 188 104 64 63 62 44 78
2009 217 117 77 80 89 69 101
2010 219 116 78 79 85 69 99
2014 246 129 96 89 108 98 118
  1. ↑ average of advanced G20 countries
    2. (Source: IMF Staff Position Note November 2009 [8])

    RETURN TO THE TOP

    Total debt

    % of GDP 2008
    United Kingdom    Japan       France       Italy     United States    Germany   
    Government 52 188 73 101 60 69
    Financial institutions 202 108 81 77 56 76
    Non-financial businesses 114 96 110 81 78 66
    Households 101 67 44 40 56 47
    Total 469 459 308 298 290 274
    % growth 2000-08 10.2 0.3 7.7 6.3 8.1 2.5
    (Source: Debt and Deleverageing, the Global Credit Bubble and its Consequences, McKinsey, 2010[9])

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