| AUTHOR | |
| ORGANIZATION | World Bank |
| TYPE | Other |
| DATE | 2009 |
| TOPIC | Economic crisis and recovery |
| LANGUAGE | English |
What began in late 2008 with a massive de-leveraging in financial markets has turned into one of the sharpest global economic contractions in modern history. As investors repatriated overseas assets and credit conditions were tightened, firms around the world had to scale-back production and postpone capital spending plans. Faced with unprecedented loss of wealth and rapidly weakening labor markets, consumers reined-in spending, especially for durable goods.
