Recession of 2009/Addendum: Difference between revisions

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{{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


:::::::{|class = "wikitable"


'''The oil price falls'''. (November US light $60/barrel, down fron July $147 peak)[http://www.msnbc.msn.com/id/12400801/].
! 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
|}


====The United States====
: (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)


'''US industrial production falls'''. Chicago Federal Reserve Bank's National Activity Index (CFNAI) falls from -1.61 for  August to -2.57 for September, mainly on steep fall in industrial production [http://www.chicagofed.org/economic_research_and_data/cfnai.cfm].
:::::::{|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
|}


'''US consumer confidence falls''' to its lowest point since first measured in 1967.
:: (Source: OECD)[http://www.oecd.org/dataoecd/20/21/44746304.pdf]
<small>
[[Recession of 2009/Addendum#Selected economic statistics|RETURN TO THE TOP]]
</small>


'''US output falls''' - by 0.3% between second and third quarters of 2008 [http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm]
===Commodity prices===


'''US interest rate reduced''' - a 0.5 percentage point cut in  the Federal Reserve Bank's benchmark rate to 1.0%.
IMF Index of Primary Commodity Prices,
(2005=100, in terms of US dollars)


'''US unemployment rate rises to 6.5%''' - the highest for 14 years.
:::::::{|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
|}


'''US consumer prices fall''' by 1% in October [http://www.bls.gov/CPI/]
:::(Source: IMF [http://www.imf.org/external/np/res/commod/table1a.pdf])


'''US congress fails to agree on fiscal stimulus''' [http://www.economist.com/world/unitedstates/displaystory.cfm?story_id=12641712][http://www.pbs.org/newshour/bb/business/july-dec08/stimulusplans_11-10.html] [http://krugman.blogs.nytimes.com/2008/11/10/stimulus-math-wonkish/?apage=6]
===The oil price===
 
The price of crude oil on the New York Stock Exchange ($/barrel[http://www.nyse.tv/crude-oil-price-history.htm])
'''US Federal Reserve $800 billion support package''' [http://www.nytimes.com/2008/11/26/business/economy/26fed.html?bl&ex=1227848400&en=5a50becfbe5bac73&ei=5087%0A]
:::::::{|class = "wikitable"
 
!colspan = "2"|2007
====Europe====
!colspan = "2"|2008
 
!colspan = "2"| 2009
=====The United Kingdom=====
!colspan = "2"| 2010
 
|-
'''UK output falls''' - by 0.5% between second and third quarters of 2008 [http://news.bbc.co.uk/2/hi/business/7686552.stm].
| January
 
| &nbsp;&nbsp;June&nbsp;&nbsp;
'''Bank of England slashes its discount rate''' by an unprecedented 1.5 per cent to 3 per cent.
| January
 
| &nbsp;&nbsp;June&nbsp;&nbsp;
'''UK 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]
| January
 
| &nbsp;&nbsp;June&nbsp;&nbsp;
'''Investment banks cut lending''' - by over two-thirds between September and October [http://www.economist.com/markets/indicators/displaystory.cfm?story_id=12566786]
| January
 
| &nbsp;&nbsp;June&nbsp;&nbsp;
=====Other Europeancountries=====
|-
 
|align="center"| 56
'''Crises in Iceland, Hungary and Ukraine''' - to be tackled by loans from the [[International Monetary Fund]]
|align="center"| 65
 
|align="center"| 98
====Asia====
|align="center"| 139
 
|align="center"| 46
'''Recession in Japan''' - as output falls by 0.9% and 0.1% in 2nd and 3rd quarters of 2008.
|align="center"| 68
 
|align="center"| 83
==Forecasts and outturns==
|align="center"| 72
|}


:::'''Annual percentage growth in Gross Domestic Product'''
===World trade===
: OECD  trade in goods and services
:: % value change on previous quarter (priced in US$).


:::(forecasts are shown in ''italics'')
:::::::{|class="wikitable"  
 
!
:::{|class="wikitable"
!colspan = "4"|2008
!Date
!colspan = "4"|2009
!Source
!colspan = "4"|2010
!Country
! 2007
! 2008
! 2009
! 2010
! 2011
|-
|-
|02 October 2008
!
|International Monetary Fund [http://www.imf.org/external/pubs/ft/weo/2008/02/index.htm].
!Q1
|United States
!Q2
|2.0
!Q3
|''1.6''
!Q4
|''0.1''
!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
|
|
|
|
|United Kingdom
|3.0
|''1.0''
|''-0.1''
|
|
|-
|-
!Imports
|6.2
|5.2
| -2.0
| -18.5
| -14.3
| -0.5
| 8.1
| 6.2
| 2.5
|
|
|
|
|France
|2.2
|''0.8''
|''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
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|Align = "center"|X
|-
|-
|
! Intervening directly in wider
|
segments of the financial market
|Japan
|Align = "center"|X
|2.1
|Align = "center"|X
|''0.7''
|Align = "center"|X
|''0.5''
|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===
:  % of GDP
 
:::::::::{|class = "wikitable"
!
!align="center"| 2008
!align="center"| 2009
!align="center"| 2010
!align="center"| Total
|-
|align="center"|United States
|align="center"|1.1
|align="center"|2.0
|align="center"|1.8
|align="center"|4.8
|-
|align="center"|United Kingdom
|align="center"|0.2
|align="center"|1.4
|align="center"|-0.1
|align="center"|1.5
|-
|-
|
|align="center"|Germany
|
|align="center"|0.0
|China
|align="center"|1.5
| 12
|align="center"|2.0
| ''10''
|align="center"|3.4
|''9
|
|-
|-
|
|align="center"|France
|
|align="center"|0.0
|World
|align="center"|0.7
|5.0
|align="center"|0.7
|''3.9''
|align="center"|1.3
|''3.0''
|
|-
|-
|08 October 2008
|align="center"|Japan
|Conference Board [http://www.conference-board.org/economics/chiefEconomist.cfm]
|align="center"|0.4
|United States
|align="center"|1.4
|2.0
|align="center"|0.4
|''1.7''
|align="center"|2.2
|''0.0''
|
|
|-
|-
|06 November 2008
|align="center"|Canada
|International Monetary Fund [http://www.imf.org/external/pubs/ft/survey/so/2008/NEW110608A.htm].
|align="center"|0.0
|United States
|align="center"|1.5
|2.0
|align="center"|1.3
|''1.4''
|align="center"|2.7
|''-0.7''
|
|-
|-
|
|align="center"|China
|
|align="center"|0.4
|Europe
|align="center"|2.0
|2.6
|align="center"|2.0
|''1.2''
|align="center"|4.4
|''-0.5''
|}
|
 
::(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
|Japan
|align="center"|104
|2.1
|align="center"|64
|''0.5''
|align="center"|63
|''-0.2''
|align="center"|62
|
|align="center"|44
|align="center"|78
|-
|-
|
|2009
|
|align="center"|217
|China
|align="center"|117
| 12
|align="center"|77
| ''9.7''
|align="center"|80
|''8.5''
|align="center"|89
|
|align="center"|69
|align="center"|101
|-
|-
|
|2010
|
|align="center"|219
|World
|align="center"|116
|5.0
|align="center"|78
|''3.7''
|align="center"|79
|''2.2''
|align="center"|85
|
|align="center"|69
|align="center"|99
|-
|-
|08 November 2008
|2014
|Economist poll [http://www.economist.com/markets/indicators/displaystory.cfm?story_id=12564074]
|align="center"|246
|United States
|align="center"|129
|2.0
|align="center"|96
|''1.4''
|align="center"|89
|''-0.1''
|align="center"|108
|
|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;
|-
|-
|
!Government
|
|align="center"|52
|United Kingdom
|align="center"|188
|3.0
|align="center"|73
|''0.9''
|align="center"|101
|''-1.0''
|align="center"|60
|
|align="center"|69
|-
|-
|
!Financial institutions
|
|align="center"|202
|France
|align="center"|108
|2.2
|align="center"|81
|''0.9''
|align="center"|77
|''0.0''
|align="center"|56
|
|align="center"|76
|-
|-
|
!Non-financial businesses
|
|align="center"|114
|Japan
|align="center"|96
|2.1
|align="center"|110
|''0.5''
|align="center"|81
|''-0.1''
|align="center"|78
|
|align="center"|66
|-
|-
|13 November 2008
!Households
|OECD [http://www.oecd.org/dataoecd/55/17/41666279.pdf]
|align="center"|101
|United States
|align="center"|67
|2.0
|align="center"|44
|''1.4''
|align="center"|40
|''-0.9''
|align="center"|56
|''1.6''
|align="center"|47
|-
|-
|
!Total
|
|align="center"|469
|Japan
|align="center"|459
|2.1
|align="center"|308
|''0.5''
|align="center"|298
|''-0.1''
|align="center"|290
|''0.6''
|align="center"|274
|-
|-
|
! % growth 2000-08
|
|align="center"|10.2
|Europe
|align="center"|0.3
|2.6
|align="center"|7.7
|''1.1''
|align="center"|6.3
|''-0.5''
|align="center"|8.1
|''1.2''
|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/>

Latest revision as of 06:11, 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] )

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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])

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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])

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    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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