Economics, Econometrics and Finance
8 years ago

Global economic downturn hits developed countries hardest, while developing nations continue growth.

Palgrave Macmillan US eBooks
The Long Emergency on the Shoreline of Globalization: It Is Not Their Problem
Edward R. Carr

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The global economic downturn in 2008 mainly affected developed countries like the US and EU, while developing countries continued to grow. For example, sub-Saharan Africa's GDP increased by 1.5% in 2009. The overall 2.9% contraction in the global economy was due to the downturn in developed economies, not all economies worldwide.