WORLD ECONOMY AFTER

THE CRISIS 2008-2009

The global credit crisis of
2008–2009 was the most
serious shock to the
world economy in fully
80 years. It was for the
world as a whole what
the Asian crisis of 1997–
1998 was for emerging
markets: a profoundly
alarming wake-up call.

By laying bare the fragility of
global markets, it raised
troubling questions about the
operation of our deeply
integrated world economy. It
cast doubt on the efficacy of
the dominant mode of light-
touch financial regulation and
more generally on the efficacy
of the prevailing commitment
to economic and financial
liberalization. It challenged
the managerial capacity of
inherited institutions of
global governance. And it
augured a changing of the
guard, pointing to the
possibility that the economies
that had been the leaders in
the “global growth stakes” in
the past might no longer be
the leaders in the future.

According to the
Educational Trade
Organization biggest
collapse in world
trade took place in
the fourth quarter of
2008 and in 2009, the
first effects of the
crisis were
particularly severe
for exports and
import virtually all
countries in the
world. World exports
in 2009 fell by 12 %,
and global imports by
12.9%

A little more hit developed
countries (exports fell by
15.1% and imports by 14.4
%), while declines recorded
slightly smaller emerging
economies (exports fell by
7.4% and imports by
10.5%). In 2010, the
submissive situation
improved considerably -
there has been an increase
in both world exports and
imports respectively by
13.8 % and 13.7 %.
Economy of developed
countries recorded
increases of respectively
13% and 10.9 %, and the
emerging economies
increases of 14.9 % and
18.1 %. Unfortunately, in
2011 there was again a
slowdown, but not as
drastic as in 2009.

The crisis has also
rebounded on the rate of
growth of GDP of each
country. In 2009, world GDP
fell by 2.9%, while in
developed countries fell by
4.1%, while in the
developing world grew by
2.2%. In 2010, the situation
has improved global GDP
increased by 3.8%, but in
2011 again deteriorated
and global GDP growth
amounted to 2.4%. The
main reason for the fall in
GDP was the collapse of
world trade.

Market securities based on
mortgages ceased to function. The
collapse of the securities markets
translated into a performance of
pension funds, which deteriorated
rapidly. Global trade broke down,
just happened to investments or
consumption. In 2010, the global
economy has accelerated, but in
2011 was slow down again. The
reasons for this are the problems of
the euro area (particularly Greece),
rising oil prices and geopolitical
tensions.

The global financial crisis
that took place in 2008-
2009, was one of the
biggest if not the biggest
financial crisis in the
history of the world
economy. Started in the
United States, but
affected the economies of
almost all countries in the
world. The effects of the
crisis are being felt to this
day and no one knows
when the world economy
bounces and begin to
function normally

.