The G20 Since 2008: Some Reflections on the Experience and the Road Ahead
Four years after the financial crisis of 2008, the global economy is still in a state of fragility. The early signs of recovery, which were seen as a vindication of the coordinated global policy response in late 2008 and early 2009, have not developed into a sustained revival of the growth momentum that the global economy experienced in the years before the crisis. While the global economy grew by about 4.8 % per year during the 5 years, between 2003 and 2007, it slowed to about 2.8 % in the subsequent 4 years. Further, the post-crisis growth pattern was quite skewed, as emerging market economies (EMEs) initially showed relatively greater responsiveness to the policy stimulus. Recently, however, even these economies have slowed, as perhaps might have been expected in a scenario in which the world’s major advanced economies simply failed to sustain whatever early momentum they had generated.
KeywordsInternational Monetary Fund Emerge Market Economy Global Public Good Current Account Surplus Prudential Regulation
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