IMPACT OF RECESSION ON THE ECONOMIC GROWTH

Александр Николаевич Лякин, Иван Яковлевич Даровский

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Abstract

The recession of 2007-2009 became the first global recession of the new century, which had spread over the bigger part of global economy. During the next 10 years there were slowdown of economic growth and several autonomic recessions, that had mostly affected developing countries. The paper deals with the global crises impact on economic growth rate in the period of post-crises recovery. Several stylized facts, characterize the business cycles, were highlighted. Global recessions covering synchronously the bigger part of global economy are rare phenomenon. During the review period only two crises can be attributed to this type. Autonomic recessions appear in particular countries or in a group of countries, mismatch in the inflection point is from 1to 5 years. The business cycles running time can differs from 1.5 to 30 years, frequency is not strict, at the same time the majority of cycles duration is 7 years. The beginning of recessions were at the same time or close to each other only in the period of global recessions and in the countries that have grate coherence in economic growth or in interconnected countries. Growth rates are not constant during some of the cycles. Regression analysis showed that growth rate in one cycle (which is determined as the period of time between two nearby peaks) depends on duration and depth of recession which was at the beginning of the cycle. The acceleration of recovery growth is not enough to compensate the crisis losses.
Translated title of the contributionВлияние рецессии на экономический рост
Original languageEnglish
Title of host publicationIMPACT OF RECESSION ON THE ECONOMIC GROWTH
Place of PublicationRajecke Teplice, Slovak Republic
Pages2612-2619
Number of pages8
Volume6
EditionGLOBALIZATION AND ITS SOCIO-ECONOMIC CONSEQUENCES. Proceedings
StatePublished - 2018

Scopus subject areas

  • Economics, Econometrics and Finance(all)

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