Downturn in world economy
Growth in the global economy slowed appreciably in 2008. To start with, the
world markets appeared robust but, as the year went on, the fragility emanating from
the United States spread to an increasing number of countries and regions. The situation
was made much worse by the extremely high oil price and very weak US dollar.
When the financial market crisis escalated in September, the downward trend accelerated.
Global economic output rose by only 3.4% (previous year: 5.2%), the international
exchange of goods by 4.8% (Global Trade Navigator) – the lowest growth since 2002.
|Growth indicators for 2008