The Great Recession and Developing Countries: Economic Impact and Growth Prospects (Part 2 of 2)

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Table 8A.1. (continued) 1994 Net augmented PS debt (% GDP)

—

1995

—

1996

—

1997

—

1998

—

1999

—

2000

—

2001

—

2002

—

2003

2004

2005

2006

2007

2008

—

36.8

35.2

32.4

31.4

35.8

3.7

3.5

3.2

3.4

Economic activity Unemployment (%)

4.2

6.9

5.2

4.1

3.6

2.5

2.6

2.5

2.9

3.0

Sources: World Bank; Banco de México. Notes: bn = billions; eop = end of period; LCU = local currency units; PPP = purchasing power parity; PPG-ED = public and publicly guaranteed external debt; — = not available..

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The Great Recession and Developing Countries: Economic Impact and Growth Prospects (Part 2 of 2)

Published on Dec 1, 2010

World Bank Publications

About

The 2008-09 financial crisis, which originated in the United States and rapidly spread to the rest of world, resulting in the most severe and intense Great Recession since World War II, has posed new challenges for international policy coordination and the management of national economies. Questions are being raised about globalization, which has been a powerful engine of economic growth over the past three decades but exposes countries to more volatility and increases risk. What policies and reforms increase the resilience of developing economies to such external shocks? Which institutional arrangements and policy frameworks would allow them to respond most quickly and effectively? What role is there for international policy coordination and for emerging economies?

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