Great Recession: a $ 69,3 trillion episode

A $69,3 trillion tragedy, the novel of the Great Recession 2007/2009, by Jorge Nascimento Rodrigues, Janelanaweb.com, 2010 ©

Wealth destruction: $50 trillion (provisional estimates from Claudio Loser, Global Journal of Emerging Market Economies, vol. 1, nr2, May 2009, quoted by Ari Aisen and Michael Franken, IMF working paper/10/47), associated with the plunge in the value of stocks, bonds, property, and other assets, the equivalent to 87 per cent of world GDP (estimates for 2009: 57.5 trillion)

Global writedowns held by the financial system in mature markets (projected for 2009-2010, by the Global Financial Stability Report, IMF, October 2009):$3.4 trillion

Contraction (nominal value) of the world GDP in 2009: minus 0.8 per cent regarding 2008 (from IMF, World Economic Outlook, 2010/01/26), an estimate of $490 billion; the 12th one year world contraction (ranking from the top: 1946; 1945; 1932; 1931; 1914; 1930; 1908; 1917; 1919; 1893; 1921; 2009; 1876; 1938)

Contraction of the world trade in 2009: minus 12.3 per cent regarding 2008 (from IMF, World Economic Outlook, 2010/01/26), an estimate of $2.4 trillion; the 4th world one year contraction (ranking from the top: 1932; 1931; 1930; 2009; 1938; 1975; 1908; 1926; 1958; 1982; 1952; 2001)

Public budget intervention (global bail out announcements and global stimulus announcements until September 2009): $13 trillion (from Grail Research report, Global Financial Crisis, 2009), the equivalent to one year US GDP

Obs: Estimates for 2009 world GDP: $57.5 trillion; IMF world GDP for 2008: $60.9; World merchandise trade and trade in commercial services for 2008, WTO data: $15.7 trillion (world merchandise) + $3.8 trillion (world trade in commercial services) = $19.5 trillion

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