Re: [Pen-l] How global is the global recession?

[Martin Hart-Landsberg <marty@xxxxxxxxxx>]

I dont know about the source--but at least Korea which is listed as not being in recession is in fact deep in recession.  Its GDP is predicted to FALL by approximately 4-5% this year.  I also have my doubts about the strength of some of the other economies listed, like Mexico and Indonesia.  In short, I think that this listing is flawed.

And speaking of global recessions, the following article is interesting--it argues that the world economy is in fact looking very much like it looked in the early stages of the great depression.  The difference is that government policy is more aggressively combating the downward trends. http://www.voxeu.org/index.php?q=node/3421

Marty

Gernot Koehler wrote:

When I have a toothache, the whole world is in pain - or so it may seem. I was wondering: How global is the global recession?
I examined the following source, which has simple country-by-country information for the G20 countries, starting with a picture of Christine Kirchner of Argentina. For each country you find a yes-no coding for the question: Is this country in recession? - yes-no.
Source: CNN Explainer 01apr09 G20 recessions
RESULT:
Recession = YES: Australia, Canada, EU, France, Germany, Italy, Japan, Russia, UK, USA
Recession = NO: Argentina, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea Turkey
Thus the global recession is not global in scope. However, global aggregate figures show a global recession because the indicators for the core countries (imperialist countries, as Samir Amin would say) dominate the aggregates.
Gernot

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