Global Recessions

The world economy has experienced four global recessions over the past seven
decades: in 1975, 1982, 1991, and 2009. During each of these episodes, annual real per
capita global GDP contracted, and this contraction was accompanied by weakening of
other key indicators of global economic activity. The global recessions were highly
synchronized internationally, with severe economic and financial disruptions in many
countries around the world. The 2009 global recession, set off by the global financial
crisis, was by far the deepest and most synchronized of the four recessions. As the
epicenter of the crisis, advanced economies felt the brunt of the recession. The
subsequent expansion has been the weakest in the post-war period in advanced
economies as many of them have struggled to overcome the legacies of the crisis. In
contrast, most emerging market and developing economies weathered the 2009 global
recession relatively well and delivered a stronger recovery than after previous global
recessions.