Recession of 2009/Addendum

World
'''G20 leaders agree on need for fiscal stimulus

The oil price falls. (December Brent North Sea crude $45/barrel, down fron July $147 peak).

The United States
US economy in recession' - since December 2007 according to the National Bureau of Economic Research.

US consumer confidence falls to its lowest point since first measured in 1967.

US output falls - by 0.3% between second and third quarters of 2008

US interest rate reduced Federal Reserve Bank's benchmark rate cut to betweee 0 and 1/4%.

US unemployment rate the highest for 14 years -  6.7% in November 2008.

US consumer prices record falls  - by 1% in October and 1.7% in November

US congress fails to agree on fiscal stimulus

US Federal Reserve Bank's $800 billion support package

US 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.

US 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

Eurozone
European Fiscal Stimulus EC Commission plans 1.5% GDP fiscal stimulus.

Eurozone interest rate cut - by the European Central Bank by 1.5 p points to 2.5%.

The United Kingdom
UK output falls - by 0.5% between second and third quarters of 2008.

Bank of England slashes its discount rate by an unprecedented 2.5 p pt to 2 per cent.

UK Budget stimulus - discretionary public expenditure of 1.1% of GDP

Investment banks cut lending - by over two-thirds between September and October

Other European countries
Crises in Iceland, Hungary and Ukraine - to be tackled by loans from the International Monetary Fund

Sweden cuts interest rates - by 1.75 pt to 2.0%.

Asia
Recession in Japan - as output falls by 0.9% and 0.1% in 2nd and 3rd quarters of 2008.

Forecasts and outturns

 * Annual percentage growth in Gross Domestic Product


 * (forecasts are shown in italics)


 * {|class="wikitable"

!Date !Source !Country ! 2007 ! 2008 ! 2009 ! 2010 ! 2011
 * 02 October 2008
 * International Monetary Fund.
 * United States
 * 2.0
 * 1.6
 * 0.1
 * United Kingdom
 * 3.0
 * 1.0
 * -0.1
 * France
 * 2.2
 * 0.8
 * 0.2
 * Japan
 * 2.1
 * 0.7
 * 0.5
 * China
 * 12
 * 10
 * ''9
 * World
 * 5.0
 * 3.9
 * 3.0
 * 08 October 2008
 * Conference Board
 * United States
 * 2.0
 * 1.7
 * 0.0
 * 06 November 2008
 * International Monetary Fund.
 * United States
 * 2.0
 * 1.4
 * -0.7
 * Europe
 * 2.6
 * 1.2
 * -0.5
 * Japan
 * 2.1
 * 0.5
 * -0.2
 * China
 * 12
 * 9.7
 * 8.5
 * World
 * 5.0
 * 3.7
 * 2.2
 * 08 November 2008
 * Economist poll
 * United States
 * 2.0
 * 1.4
 * -0.1
 * United Kingdom
 * 3.0
 * 0.9
 * -1.0
 * France
 * 2.2
 * 0.9
 * 0.0
 * Japan
 * 2.1
 * 0.5
 * -0.1
 * 13 November 2008
 * OECD
 * United States
 * 2.0
 * 1.4
 * -0.9
 * 1.6
 * Japan
 * 2.1
 * 0.5
 * -0.1
 * 0.6
 * Europe
 * 2.6
 * 1.1
 * -0.5
 * 1.2
 * }
 * World
 * 5.0
 * 3.7
 * 2.2
 * 08 November 2008
 * Economist poll
 * United States
 * 2.0
 * 1.4
 * -0.1
 * United Kingdom
 * 3.0
 * 0.9
 * -1.0
 * France
 * 2.2
 * 0.9
 * 0.0
 * Japan
 * 2.1
 * 0.5
 * -0.1
 * 13 November 2008
 * OECD
 * United States
 * 2.0
 * 1.4
 * -0.9
 * 1.6
 * Japan
 * 2.1
 * 0.5
 * -0.1
 * 0.6
 * Europe
 * 2.6
 * 1.1
 * -0.5
 * 1.2
 * }
 * 13 November 2008
 * OECD
 * United States
 * 2.0
 * 1.4
 * -0.9
 * 1.6
 * Japan
 * 2.1
 * 0.5
 * -0.1
 * 0.6
 * Europe
 * 2.6
 * 1.1
 * -0.5
 * 1.2
 * }
 * Europe
 * 2.6
 * 1.1
 * -0.5
 * 1.2
 * }
 * }