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Introduction

In: An Assessment of the Global Impact of the Financial Crisis

Author

Listed:
  • Philip Arestis
  • Rogério Sobreira
  • José Luis Oreiro

Abstract

Recent economic events have had a profound impact on the global economy. According to the World Bank Economic Outlook published in April 2010, the major advanced economies experienced a fall of 3.2 per cent of GDP in 2009 and are expected to record a moderate growth of 2.3 per cent in 2010. The impact of the crisis was stronger in Japan and euro area than in the United States, the centre of the financial crisis. Indeed, the US economy experienced a decline of 2.4 per cent in GDP compared to a 4.1 per cent fall in GDP in the euro area and 5.2 per cent in Japan. The United Kingdom is also projected to experience a huge fall of 4.9 per cent of GDP in 2010.

Suggested Citation

  • Philip Arestis & Rogério Sobreira & José Luis Oreiro, 2011. "Introduction," Palgrave Macmillan Books, in: Philip Arestis & Rogério Sobreira & José Luis Oreiro (ed.), An Assessment of the Global Impact of the Financial Crisis, chapter 1, pages 1-11, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30691-2_1
    DOI: 10.1057/9780230306912_1
    as

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