ECONOMIC CRISIS OF ECONOMIC CRISIS OF 20082008

Author: Alexander GavrikAuthor: Alexander Gavrik Supervized by: Klyuchnikova L.G.Supervized by: Klyuchnikova L.G.

Today’s crisis and Great Today’s crisis and Great Depression of 1930thDepression of 1930th

“I don’t remember any time, maybe even in the Great Depression, when things went down quite so fast , quite so uniformly around the world” Paul Volcker, An economic adviser of US president

“It looks awful lot like the beginning of a second Great Depression” Paul Krugman, Noble prize winning economist

“It could become as bad as the great recession” Nouriel Roubini, the professor in economics

PRE – RECESSION CONDITIONSPRE – RECESSION CONDITIONS

Housing bubbleHousing bubble

InflationInflation

Dramatic oil pricesDramatic oil prices

ReasonsReasons

George Bush discussing economicGeorge Bush discussing economic

“WHAT WENT WRONG” – an articleIn “WASHINGTON POST” about Possible reasons of recession, writtenBy Anthony Faiola, Ellen Nakashima And Jill Drew

EffectsEffectsTrade: volume of worldwide trade fell down by 50% at the very beginning of the crisis

Unemployment: Unemployment: it is predicted, that at least it is predicted, that at least 20 million jobs will have 20 million jobs will have been lost by the end of 2009been lost by the end of 2009

due to crisisdue to crisis

Structure of the crisisStructure of the crisis

High oil prices

Housing bubbleDramatic drop of

oil prices

Passive position of world governments

Inflation

CRISIS

Unemployment

High food prices

Falling of trade volume

Crisis in ChelyabinskCrisis in Chelyabinsk

Financial crisis managementFinancial crisis management

The latest summit in Brussel

THE ENDTHE ENDThank youThank you

for attentionfor attention