Recession of 2009/Timelines: Difference between revisions
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: (Source: OECD) | : (Source: OECD) | ||
===Fiscal stimulus packages=== | |||
: ( % of GDP) | |||
:::::::::{|class = "wikitable" | |||
! | |||
!align="center"| 2008 | |||
!align="center"| 2009 | |||
!align="center"| 2010 | |||
!align="center"| Total | |||
|- | |||
|align="center"|United States | |||
|align="center"|1.1 | |||
|align="center"|2.0 | |||
|align="center"|1.8 | |||
|align="center"|4.8 | |||
|- | |||
|align="center"|United Kingdom | |||
|align="center"|0.2 | |||
|align="center"|1.4 | |||
|align="center"|-0.1 | |||
|align="center"|1.5 | |||
|- | |||
|align="center"|Germany | |||
|align="center"|0.0 | |||
|align="center"|1.5 | |||
|align="center"|2.0 | |||
|align="center"|3.4 | |||
|- | |||
|align="center"|France | |||
|align="center"|0.0 | |||
|align="center"|0.7 | |||
|align="center"|0.7 | |||
|align="center"|1.3 | |||
|- | |||
|align="center"|Japan | |||
|align="center"|0.4 | |||
|align="center"|1.4 | |||
|align="center"|0.4 | |||
|align="center"|2.2 | |||
|- | |||
|align="center"|Canada | |||
|align="center"|0.0 | |||
|align="center"|1.5 | |||
|align="center"|1.3 | |||
|align="center"|2.7 | |||
|} | |||
::(Source: IMF estimates[http://www.imf.org/external/np/pp/eng/2009/020109.pdf]) | |||
===Public Debt=== | |||
:( % of GDP ) | |||
:::{|class = "wikitable" | |||
! | |||
!align="center"| Japan | |||
!align="center"| Italy | |||
!align="center"| France | |||
!align="center"| Germany | |||
!align="center"| United States | |||
!align="center"| United Kingdom | |||
!align="center"| China | |||
!align="center"| Australia | |||
|- | |||
|2007 | |||
|align="center"|195 | |||
|align="center"|107 | |||
|align="center"|65 | |||
|align="center"|65 | |||
|align="center"|62 | |||
|align="center"|44 | |||
|align="center"|20 | |||
|align="center"|9 | |||
|- | |||
|2014 est | |||
|align="center"|222 | |||
|align="center"|118 | |||
|align="center"|79 | |||
|align="center"|77 | |||
|align="center"|100 | |||
|align="center"|76 | |||
|align="center"|19 | |||
|align="center"|4 | |||
|} | |||
::''(Source: IMF March 2009 [http://www.imf.org/external/np/pp/eng/2009/030609.pdf])'' | |||
==Timelines 2008-2010 == | ==Timelines 2008-2010 == | ||
Revision as of 08:00, 6 October 2009
(for earlier events see the crash of 2008 timelines [[1]])
Selected economic statistics
Growth rates
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
Unemployment rates
- (ILO definition, seasonally adjusted)
2007 IV 2008 I 2008 II 2008 III 2008 IV United States 4.8 4.9 5.4 6.0 6.9 United Kingdom 5.1 5.1 5.4 5.8 6.3 Japan 3.8 3.9 4.0 4.1 4.0 Germany 8.0 7.6 7.4 7.5 7.9 France 7.8 7.6 7.7 7.7 8.0
- (Source: OECD)
Fiscal stimulus packages
- ( % of GDP)
2008 2009 2010 Total United States 1.1 2.0 1.8 4.8 United Kingdom 0.2 1.4 -0.1 1.5 Germany 0.0 1.5 2.0 3.4 France 0.0 0.7 0.7 1.3 Japan 0.4 1.4 0.4 2.2 Canada 0.0 1.5 1.3 2.7
- (Source: IMF estimates[2])
Public Debt
- ( % of GDP )
Japan Italy France Germany United States United Kingdom China Australia 2007 195 107 65 65 62 44 20 9 2014 est 222 118 79 77 100 76 19 4
- (Source: IMF March 2009 [3])
Timelines 2008-2010
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[4].
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 [5].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [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%
- Britain adopts a major fiscal stimulus package [8].
- German bank rescue package is agreed [9].
- German Chancellor rejects fiscal stimulus policies ("senseless race to spend billions") [10].
Asia
- China announces a $586 billion fiscal stimulus [11]
2009, 1st quarter
World
United States
- US Congress approves stimulus package - American Recovery and Reinvestment Act(H.R. 1) - a $839 billion stimulus package [12]
Europe
- European Central Bank cuts MRO rate to 2% [13]
- Bank of England cuts discount rate cut- from 2% to 1.5% [14].
- banks lent £185 bn under the Special Liquidity Scheme [15]
- Germany introduces major fiscal stimulus package [16]
Asia
2009, 2nd quarter
World
- Oil price rises - to over $70 per barrel
United States
Europe
- Bank of England cuts discount rate to 0.5% and announces £75 billion asset purchase under its Asset Purchase Scheme [17] . The beginning of its programme of quantitative easing [18].