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A Decade after the 2009 Global Recession : Macroeconomic Developments (English)

Emerging markets and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals -- such as large foreign exchange reserves, sound fiscal positions, and low inflation -- suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows -- such as portfolio investment and cross -- border bank lending—fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.

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Citation

Koh,Wee Chian Yu,Shu

A Decade after the 2009 Global Recession : Macroeconomic Developments (English). Policy Research working paper,no. WPS 9290 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/634491592857799290/A-Decade-after-the-2009-Global-Recession-Macroeconomic-Developments