Recession of 2009/Timelines

2008, 3rd quarter

World

United States

US output falls - by 0.3% between second and third quarters of 2008 [6]

Europe

UK output falls - by 0.5% between second and third quarters of 2008 [1].

Asia

China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [2]

2008, 4th quarter

World

The oil price falls. (November US light $60/barrel, down fron July $147 peak)[3].

United States

Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt [4].

Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [5].

$825 billion fiscal stimulus sought [6]

Europe

European Central Bank cuts MRO rate from 3.75% to 2.5" [7]

Bank of England cuts bank rate from 4.5% to 2%

Asia

China announces a $586 billion fiscal stimulus [8]

2009, 1st quarter

President-elect Obama proposes major fiscal stimulus [9].

Bank of England cuts discount rate cut- from 2% to 1.5% [10].