From Crisis to Recovery - Routes, Reach, Responses


The recession’s roots lay in financial centres like New York and London, but it swiftly spread throughout the global economy. As the scale of the calamity became clear, governments took extraordinary measures to keep financial institutions afloat and stimulate economic demand.


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Chapter 3 examines the routes of the recession – how a financial crisis morphed into a crisis for the global economy.


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Graphic from Chapter 3

Change in real GDP in 2009

Source: Perspectives on Global Development 2010: Shifting Wealth.


Back to the table of contents: From Crisis to Recovery


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