Recession of 2009/Timelines

(for earlier events see the crash of 2008 timelines [[1]])

National growth rates in OECD countries

GDP at constant market prices
% change on previous period

	2006	2007	2008		Q1 07	Q2 07	Q3 07	Q4 04		Q1 08	Q2 08	Q3 08	Q4 08		Q1 09	Q2 09
United States	2.8	2.0	1.1		0.0	1.2	1.6	0.0		0.2	0.7	-0.1	-1.4		-1.6	-0.3
Japan	2.0	2.4	-0.6		1.0	-0.3	0.4	1.0		0.3	-1.2	-0.4	-3.2		-3.3	0.6
Canada	3.1	2.7	0.5		1.0	1.0	0.6	0.2		-0.2	0.1	0.2	0.8		-1.4
United Kingdom	2.8	3.0	0.7		0.8	0.8	0.6	0.9		0.3	0.0	-0.7	-1.6		-2.4	-0.8
Germany	3.0	2.5	1.3		0.4	0.4	0.6	0.3		1.5	-0.5	-0.5	-2.1		-3.8	0.3
France	2.2	2.2	0.8		0.6	0.5	0.7	0.4		0.4	-0.3	0.1	-1.1		-1.2	0.3
Italy	2.0	1.6	-1.0		0.2	0.1	0.2	-0.3		0.3	-0.6	-0.7	-2.1		-2.4

Source: OECD, Main Economic Indicators

Timelines 2008-2010

2008, 4th quarter

World

The oil price falls. (November US light $60/barrel, down fron July $147 peak)[2].

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 [3].

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

Europe

European Central Bank cuts MRO rate from 3.75% to 2.5" [5]

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

Britain adopts a major fiscal stimulus package [6].

German bank rescue package is agreed [7].

German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [8].

Asia

China announces a $586 billion fiscal stimulus [9]

2009, 1st quarter

US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [10]

European Central Bank cuts MRO rate to 2% [11]

Bank of England cuts discount rate cut- from 2% to 1.5% [12].

banks lent £185 bn under the Special Liquidity Scheme [13]

Germany introduces major fiscal stimulus package [14]

2009, 2nd quarter

Oil price rises - to over $70 per barrel

Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [15] . The beginning of its programme of quantitative easing [16].