Following the Global Financial Crisis of 2007-2008, countries across the world were thrown into recession. In comparison to North America, Europe, and Japan, however, many parts of the globe experienced less severe effects of the crisis, with some avoiding going into recession at all. Particularly in Africa and South & East Asia, many countries experienced a dip in their annual GDP growth, but still recorded high growth rates of over 2.5 percent. South Asia in particular actually experienced an increase in growth during the recession, bucking global trends. Latin America and the Caribbean was the only one of these regions to enter recession in 2009, due to the outsized importance of the United States as a partner in trade and finance for the region.
Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011
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World Bank. (September 16, 2022). Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011 [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/
World Bank. "Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011." Chart. September 16, 2022. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/
World Bank. (2022). Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/
World Bank. "Annual Gdp Growth in Regions That Experienced Less Severe Crises during The Great Recession from 2007 to 2011." Statista, Statista Inc., 16 Sep 2022, https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/
World Bank, Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011 Statista, https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/ (last visited November 03, 2024)
Annual GDP growth in regions that experienced less severe crises during the Great Recession from 2007 to 2011 [Graph], World Bank, September 16, 2022. [Online]. Available: https://www.statista.com/statistics/1349387/great-recession-gdp-growth-africa-mena-latam-asia/