| AUTHOR | Sami Bibi, John Cockburn, Christian Arnault Emini, Ismaël Fofana, Paul Ningaye and Luca Tiberti |
| ORGANIZATION | Innocenti Research Centre |
| TYPE | Working Paper |
| DATE | 2010 |
| TOPIC | Economic crisis and recovery |
| LANGUAGE | English and French |
The international financial crisis, which started in the summer of 2007 with the subprime crisis in the United States, developed into a world economic crisis by 2008. Indeed, most industrialized countries entered recession in 2008, leading to global slowdown in economic activity. The IMF's forecasts in 2009 predicted a lower growth rate of world production, falling from 3.25% in 2008 to -1.25% in 2009, before returning to positive territory in 2010 at 2%, thanks to fiscal stimuli and various relief measures for the financial sector, applied through the world and particularly in advanced economies.
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