Recession of 2009/Addendum: Difference between revisions

From Citizendium
Jump to navigation Jump to search
imported>Nick Gardner
No edit summary
imported>Nick Gardner
 
(269 intermediate revisions by the same user not shown)
Line 1: Line 1:
{{subpages}}
==Selected economic statistics==


== Recent economic developments==
===Growth rates===


===2008 4th quarter===
:GDP at constant market prices<br>
::% change on previous period


====World====
::{|class="wikitable"
!
!colspan = "4"|
!colspan = "4"|2007
!colspan = "4"|2008
!colspan = "4"|2009
!colspan = "4"|2010
!colspan = "4"|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)


'''G20 leaders agree on need for fiscal stimulus [http://en.citizendium.org/wiki/G20_summit/Addendum]
===Consumer prices===
: percentage increase on the same period of the previous year


====The United States====
:::::::{|class = "wikitable"


'''national debt reaches 72.5% of GDP'''
! colspan = "3"|
! colspan = "4"| 2009
|-
!
! 2008
! 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
| align = "center"| 3.3
| align = "center"| 0.8
| align = "center"| 1.2
| align = "center"| 0.5
| align = "center"| 0.2
| align = "center"| 1.3
|-
! Japan
| align = "center"| 1.4
| align = "center"| -1.4
| align = "center"| -0.3
| align = "center"| -1.8
| align = "center"| -2.2
| align = "center"| -1.3
|-
! G7 countries
| align = "center"| 3.2
| align = "center"| -0.1
| align = "center"| -0.1
| align = "center"| -0.9
| align = "center"| -1.0
| align = "center"|  1.8
|}


'''unemployment rate  the highest for 14 years''' -  6.7% in November 2008[http://online.wsj.com/public/resources/documents/bbemp-20081205.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===
: OECD harmonised rates
:: %  seasonally adjusted)


'''consumer prices record  falls ''' - by 1% in October [http://www.bls.gov/CPI/]and 1.7% in November [http://money.cnn.com/2008/12/16/news/economy/cpi/index.htm]
:::::::{|class = "wikitable"
!
!colspan = "3"|
!colspan = "4"|2009
|-
!align="center"|
!align="center"| 2007
!align="center"| 2008
!align="center"| 2009
!align="center"| &nbsp; Q1&nbsp;
!align="center"| &nbsp; Q2&nbsp;
!align="center"| &nbsp; Q3&nbsp;
!align="center"| &nbsp; Q4&nbsp;
|-
|align="center"| United States
|align="center"| 4.6
|align="center"| 5.8
|align="center"| 9.3
|align="center"| 8.2
|align="center"| 9.3
|align="center"| 9.7
|align="center"| 10.0
|-
|align="center"| United Kingdom
|align="center"| 5.3
|align="center"| 5.5
|align="center"| 7.6
|align="center"| 7.1
|align="center"| 7.7
|align="center"| 7.8
|align="center"| 7.7
|-
|align="center"|Japan
|align="center"| 3.9
|align="center"| 4.0
|align="center"| 5.1
|align="center"| 4.5
|align="center"| 5.1
|align="center"| 5.1
|align="center"| 5.2
|-
|align="center"|Germany
|align="center"| 8.4
|align="center"| 7.3
|align="center"| 7.5
|align="center"| 7.3
|align="center"| 7.6
|align="center"| 7.6
|align="center"| 7.5
|-
|align="center"|France
|align="center"| 8.3
|align="center"| 7.9
|align="center"| 9.4
|align="center"| 8.9
|align="center"| 9.3
|align="center"| 9.5
|align="center"| 10.0
|}


'''Federal Reserve Bank's $800 billion support package''' [http://www.nytimes.com/2008/11/26/business/economy/26fed.html?bl&ex=1227848400&en=5a50becfbe5bac73&ei=5087%0A]
:: (Source: OECD)[http://www.oecd.org/dataoecd/20/21/44746304.pdf]
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>


'''Federal Reserve Bank buys mortgage-backed securities''' - Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie  Mae and Freddie Mac and up to $100billion worth of their direct debt [http://www.economist.com/finance/displaystory.cfm?story_id=12689745].
===Commodity prices===


'''Federal Reserve Bank's quantitative easing''' - Open market purchases raise base money (the Bank's balance sheet total) from $0.9 trillion to $2.2 trillion [http://online.wsj.com/article/SB122948091644013041.html]
IMF Index of Primary Commodity Prices,
(2005=100, in terms of US dollars)


'''national debt reaches 72.5% 0f GDP'''[http://www.economicshelp.org/blog/economics/list-of-national-debt-by-country/]
:::::::{|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
|}


====Europe except UK====
:::(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
|}


====The United Kingdom====
===World trade===
 
: OECD trade in goods and services
'''output falls''' - by 0.5% between second and third quarters of 2008 [http://news.bbc.co.uk/2/hi/business/7686552.stm] and by 1.5% between 3rd and 4th quarters [http://www.statistics.gov.uk/cci/nugget.asp?id=192].
:: % value change on previous quarter (priced in US$).
 
'''Budget stimulus''' - discretionary public expenditure of 1.1% of GDP [http://www.hm-treasury.gov.uk/d/pbr08_chapter1_379.pdf][http://www.economist.com/world/britain/displaystory.cfm?story_id=12670326]
 
'''national debt reaches 43.6% of GDP''' [http://www.economicshelp.org/blog/uk-economy/uk-national-debt/comment-page-1/]
 
'''Recession in Japan''' GDP expect to have fallen at an annualised rate of 12% in Q4 2008 [http://www.businessspectator.com.au/bs.nsf/Article/Japan-Q4-GDP-to-post-worst-fall-since-1974--BarCap-MTFHY?opendocument&src=rss]
 
'''Developing countries in recession''' GDP probably fell by an average annualised rate of around 15% in Hong Kong, Singapore, South Korea and Taiwan [http://www.economist.com/opinion/displaystory.cfm?story_id=13022067]
 
====Asia====
 
===2009, 1st quarter===
 
====World====
G7 Finance Ministers endorse fiscal stimulus policy [http://www.londonsummit.gov.uk/en/media-centre/latest-news/?view=News&id=13585064]
 
====The United States====
 
'''$1.2 trillion 2009 budget deficit''' - forecast by the Congressional Budget Office [http://www.cbo.gov/ftpdocs/99xx/doc9957/01-07-Outlook.pdf].
 
'''President-elect Obama proposes major fiscal stimulus''' - in his speech of 8 January [http://www.ft.com/cms/s/0/58ee3966-dd9d-11dd-930e-000077b07658.html].
 
(Government spending expected to rise to 23% of GDP [http://business.timesonline.co.uk/tol/business/columnists/article5536320.ece])
 
'''Fears of Trade War''' –  America First Steel Act, Homeland Security Comm. approves bill requiring federal agencies to use U.S. steel for public works projects, (HR 5935) [http://www.bna.com/current/itr/topl.htm] [http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article5587443.ece]
 
====Eurozone====
'''Discount  rate cut''' from 2.4% to  2% [http://www.ecb.int/stats/monetary/rates/html/index.en.html#data]
 
 
====United Kingdom====
'''Discount  rate cut''' - from 2% to 1.0% [http://www.bankofengland.co.uk/publications/news/2009/001.htm].
 
'''IMF endorses policy''' IMF  Deputy Managing Director says "There is no unique weakness in the UK economy, and we believe the measures taken ...will strengthen the economy over the medium term "[http://business.timesonline.co.uk/tol/business/economics/article5627450.ece].
 
'''Asset protection scheme'''[http://www.hm-treasury.gov.uk/press_07_09.htm]
 
===2009, 2nd quarter===
 
====United States====
 
====Europe except UK====
 
 
 
====United Kingdom====
Bank of England Reduces Bank Rate by 0.5 percentage points to 0.5% and announces £75 Billion Asset Purchase Programme.
 
====Asia====
 
==Forecasts and outturns==


:::'''Annual percentage growth in Gross Domestic Product'''
:::::::{|class="wikitable"  
 
!
:::(forecasts are shown in ''italics'')
!colspan = "4"|2008
 
!colspan = "4"|2009
:::{|class="wikitable"
!colspan = "4"|2010
!Date
!Source
!Country
! 2007
! 2008
! 2009
! 2010
! 2011
|-
|-
|06 November 2008
!
|International Monetary Fund [http://www.imf.org/external/pubs/ft/survey/so/2008/NEW110608A.htm].
!Q1
|United States
!Q2
|2.0
!Q3
|''1.4''
!Q4
|''-0.7''
!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
|
|
|
|
|Europe
|2.6
|''1.2''
|''-0.5''
|
|
|-
|-
!Imports
|6.2
|5.2
| -2.0
| -18.5
| -14.3
| -0.5
| 8.1
| 6.2
| 2.5
|
|
|
|
|Japan
|2.1
|''0.5''
|''-0.2''
|
|
|}
::(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
|China
|Align = "center"|X
| 12
|Align = "center"|X
| ''9.7''
|Align = "center"|X
|''8.5''
|Align = "center"|X
|
|-
|-
|
! Intervening directly in wider
|
segments of the financial market
|World
|Align = "center"|X
|5.0
|Align = "center"|X
|''3.7''
|Align = "center"|X
|''2.2''
|Align = "center"|X
|
|-
|-
|08 November 2008
! Purchasing long-term
|Economist poll [http://www.economist.com/markets/indicators/displaystory.cfm?story_id=12564074]
government bonds
|United States
|Align = "center"|X
|2.0
|Align = "center"|
|''1.4''
|Align = "center"|X
|''-0.1''
|Align = "center"|X
|
|
|-
|-
|
!Supporting specific
|
institutions
|United Kingdom
|Align = "center"|X
|3.0
|Align = "center"|
|''0.9''
|Align = "center"|X
|''-1.0''
|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===
:  % of GDP
 
:::::::::{|class = "wikitable"
!
!align="center"| 2008
!align="center"| 2009
!align="center"| 2010
!align="center"| Total
|-
|-
|
|align="center"|United States
|
|align="center"|1.1
|France
|align="center"|2.0
|2.2
|align="center"|1.8
|''0.9''
|align="center"|4.8
|''0.0''
|
|-
|-
|
|align="center"|United Kingdom
|
|align="center"|0.2
|Japan
|align="center"|1.4
|2.1
|align="center"|-0.1
|''0.5''
|align="center"|1.5
|''-0.1''
|
|-
|-
|13 November 2008
|align="center"|Germany
|OECD [http://www.oecd.org/dataoecd/55/17/41666279.pdf]
|align="center"|0.0
|United States
|align="center"|1.5
|2.0
|align="center"|2.0
|''1.4''
|align="center"|3.4
|''-0.9''
|''1.6''
|-
|-
|
|align="center"|France
|
|align="center"|0.0
|Japan
|align="center"|0.7
|2.1
|align="center"|0.7
|''0.5''
|align="center"|1.3
|''-0.1''
|''0.6''
|-
|-
|
|align="center"|Japan
|
|align="center"|0.4
|Europe
|align="center"|1.4
|2.6
|align="center"|0.4
|''1.1''
|align="center"|2.2
|''-0.5''
|''1.2''
|-
|-
|22 December 2008
|align="center"|Canada
|World Bank [http://siteresources.worldbank.org/INTGEP2009/Resources/10363_WebPDF-w47.pdf]
|align="center"|0.0
|United States
|align="center"|1.5
|2.0
|align="center"|1.3
|''1.4''
|align="center"|2.7
|''-0.5''
|''2.0''
|-
|-
|
|align="center"|China
|
|align="center"|0.4
|Japan
|align="center"|2.0
|2.1
|align="center"|2.0
|''0.5''
|align="center"|4.4
|''-0.1''
|}
|''1.5''
 
::(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 estimates===
:([[National debt]]
:: % of GDP )
 
:::{|class = "wikitable"
!
!align="center"|&nbsp;&nbsp;&nbsp;Japan&nbsp;&nbsp;&nbsp;
!align="center"|&nbsp;&nbsp;&nbsp;Italy&nbsp;&nbsp;&nbsp;
!align="center"|&nbsp;&nbsp; France&nbsp;&nbsp;
!align="center"|&nbsp;&nbsp; Germany &nbsp;&nbsp;
!align="center"| United States
!align="center"| United Kingdom
!align="center"| Average <ref> average of advanced G20 countries</ref>
|-
|-
|
|2007
|
|align="center"|188
|Euro area
|align="center"|104
|2.6
|align="center"|64
|''1.1''
|align="center"|63
|''-0.6''
|align="center"|62
|''1.6''
|align="center"|44
|align="center"|78
|-
|-
|
|2009
|
|align="center"|217
|China
|align="center"|117
|12
|align="center"|77
|''9.4''
|align="center"|80
|''7.5''
|align="center"|89
|''8.5''
|align="center"|69
|align="center"|101
|-
|-
|
|2010
|
|align="center"|219
|Developing <ref> Developing countries except China and India.</ref>
|align="center"|116
|6.1
|align="center"|78
|''5.0''
|align="center"|79
|''2.9''
|align="center"|85
|''4.7''
|align="center"|69
|align="center"|99
|-
|-
|
|2014
|
|align="center"|246
| World
|align="center"|129
|3.7
|align="center"|96
|''2.5''
|align="center"|89
|''0.9''
|align="center"|108
|''3.0''
|align="center"|98
|align="center"|118
|}
 
:::::<references/>
 
::(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===
 
: % of GDP 2008
 
:::{|class = "wikitable"
!
!align="center"| United Kingdom
!align="center"|&nbsp;&nbsp;&nbsp;Japan&nbsp;&nbsp;&nbsp;
!align="center"|&nbsp;&nbsp; France&nbsp;&nbsp;
!align="center"|&nbsp;&nbsp;&nbsp;&nbsp;Italy&nbsp;&nbsp;&nbsp;&nbsp;
!align="center"| United States
!align="center"|&nbsp;&nbsp; Germany &nbsp;&nbsp;
|-
|-
| 28 January 2009
!Government
| International Monetary Fund [http://www.imf.org/external/pubs/ft/weo/2009/update/01/index.htm]
|align="center"|52
| United States
|align="center"|188
|2.0
|align="center"|73
|1.1
|align="center"|101
|''-1.6''
|align="center"|60
|''1.6''
|align="center"|69
|-
|-
|
!Financial institutions
|
|align="center"|202
| United Kingdom
|align="center"|108
|3.0
|align="center"|81
|0.7
|align="center"|77
|''-2.8''
|align="center"|56
|''0.2''
|align="center"|76
|-
|-
|
!Non-financial businesses
|
|align="center"|114
| France
|align="center"|96
| 2.2
|align="center"|110
| 0.8
|align="center"|81
| ''-1.9''
|align="center"|78
| ''0.7''
|align="center"|66
|-
|-
|
!Households
|
|align="center"|101
| Japan
|align="center"|67
| 2.4
|align="center"|44
| -0.3
|align="center"|40
| ''-2.6''
|align="center"|56
| ''0.6''
|align="center"|47
|-
|-
|
!Total
|
|align="center"|469
| China
|align="center"|459
| 13
|align="center"|308
| 9
|align="center"|298
| ''6.7''
|align="center"|290
| ''8''
|align="center"|274
|-
|-
|
! % growth 2000-08
|
|align="center"|10.2
| World
|align="center"|0.3
| 5.2
|align="center"|7.7
| ''3.4''
|align="center"|6.3
| ''0.5''
|align="center"|8.1
| ''3.0''
|align="center"|2.5
|}
|}


:(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]

RETURN TO THE TOP

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]

RETURN TO THE TOP

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])

RETURN TO THE TOP

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])

    RETURN TO THE TOP


    Retrieved from "https://citizendium.org/wiki/index.php?title=Recession_of_2009/Addendum&oldid=544005"