Friday, June 19, 2009

What the World's Great Recession Looks Like

Not particularly good news:

What the World's Great Recession Looks Like - The Atlantic Business Channel
Yesterday I posted four graphs showing that although the collapse in US home prices and our federal deficit is without precedent, the country is still tracking better than the Great Depression in just about everything else. We're not experiencing (yet) either Depression-era deflation or even average-recession inflation. US trade is beginning to rebound slightly. Our industrial production falloff isn't even close to the early '30s, and our unemployment, while historically terrible, isn't Depression-vintage.

But today I got my hands on alarming graphs from the folks at VoxEU (via a column by Martin Wolf) which convincingly demonstrates that, for the much of the world, 2009 looks, without question, just as bad, if not worse, than the first years of the Great Depression.

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