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:: overview
¡ 1980 – 1990: United States and Japan lead expansion
¡ 1990 – 2000: United States dominates expansion
¡ 2000 – 2010: Rise of Developing and Emerging Economies
¡ 2010 – 2017: The BRICs lead economic growth.
1980 - 1990
¡ United States and Japan lead expansion ¡ At exchange rates, the economic output of 112 markets expanded by
$10.7 trillion from 1980 to 1990. The economic output of 34 markets contracted by $276.9 billion from 1980 to 1990.
¡ The five largest contributors to global output contraction are Argentina at 24%, Saudi Arabia at 17%, Nigeria at 11%, Venezuela at 8%, and Vietnam at 8%.
¡ At purchasing power parity, the economic output of 145 markets expanded by $12.1 trillion from 1980 to 1990. The economic output of 2 markets contracted by $3.5 billion from 1980 to 1990.
¡ The two contributors to global output contraction are Lebanon at 70% and Libya at 30%.
1990 - 2000
¡ United States dominates expansion ¡ At exchange rates, the economic output of 122 markets expanded by
$10.7 trillion from 1990 to 2000. The economic output of 29 markets contracted by $94.2 billion from 1990 to 2000.
¡ The five largest contributors to global output contraction are Italy at 37%, Finland at 18%, Bulgaria at 9%, Algeria at 8%, and the Democratic Republic of Congo at 5%.
¡ At purchasing power parity, the economic output of 148 markets expanded by $16.9 trillion from 1990 to 2000. The economic output of 3 markets contracted by $17.8 billion from 1990 to 2000.
¡ The three contributors to global output contraction are Bulgaria at 64%, the Democratic Republic of Congo at 29% and Sierra Leone at 7%.
2000 – 2008 ¡ 2000 – 2006: United States still leads, but China is catching up
¡ The five largest contributors to global output expansion are the United States at 20%, China at 9%, Germany at 6%, the United Kingdom at 6%, and France at 5%.
¡ 2007 – China leads expansion ¡ The economic output by nominal GDP of 183 markets expanded by $6.4
trillion during 2007. China accounted for 12% while the United States accounted for 10%, Germany accounted for 6%, and the United Kingdom accounted for 6% of the global output expansion.
¡ 2008 – credit crisis begins ¡ The economic output of 171 markets expanded by $5.8 trillion during 2008.
China accounted for one-sixth of the global output expansion. The economic output of 11 markets contracted by $267 billion during 2008. The United Kingdom accounted for one-half while South Korea accounted for two-fifth of the global output contraction. Though the crisis first affected most countries in 2008, it was not yet deep enough to reverse growth.
2008 - 2010 ¡ 2009 – credit crisis spreads ¡ At exchange rates, the economic output of 127 markets contracted by
$4.1 trillion during 2009. The United Kingdom was the largest victim accounting for 12% while Russia accounted for 11% and Germany accounted for 8% of the global output contraction. The economic output of 56 markets expanded by $767.1 billion during 2009. China accounted for 61% while Japan accounted for 20% and Indonesia accounted for 4% of the global output expansion.
¡ At purchasing power parity, the economic output of 79 markets contracted by $1.4 trillion during 2009. The United States was the largest victim accounting for 18% while Japan accounted for 17% and Russia accounted for 10% of the global output contraction. The economic output of 104 markets expanded by $1.5 trillion during 2009. China accounted for 56% while India accounted for 17% and Indonesia accounted for 3% of the global output expansion.
¡ 2010 – recovery
2010 - recovery ¡ At exchange rates, the economic output of 148 markets expanded by
$5.3 trillion during 2010. The five largest contributors to global output expansion are China at 17%, the United States at 10%, Brazil at 9%, Japan at 8%, and India at 5%. The economic output of 35 markets contracted by $338.5 billion during 2010. The five largest contributors to global output contraction are France at 22%, Italy at 18%, Spain at 17%, Venezuela at 10%, and Germany at 7%.
¡ At purchasing power parity, the economic output of 169 markets expanded by $4.2 trillion during 2010. The five largest contributors to global output expansion are China at 25%, the United States at 13%, India at 10%, Japan at 5%, and Brazil at 4%. The economic output of 14 markets contracted by $17.8 billion during 2010. The five largest contributors to global output contraction are Greece at 67%, Venezuela at 19%, Romania at 5%, Haiti at 3%, and Croatia at 2%.
¡ IMF's economic outlook for 2010 noted that banks faced a "wall" of maturing debt, which presents important risks for the normalization of credit conditions. There has been little progress in lengthening the maturity of their funding and, as a result, over $4 trillion in debt is due to be refinanced in the next 2 years.
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