Will Banks and Financial Markets Recover in 2009?
Global financial markets in 2008 experienced their worst crisis since the Great Depression of the 1930’s, and 2009 will be another painful year of global recession and further financial stresses, losses, and bankruptcies. Only aggressive, coordinated, and effective policy actions by advanced and emerging-market countries can ensure that the global economy recovers in 2010 rather than entering a more protracted period of economic stagnation.
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NEW YORK – Global financial markets in 2008 experienced their worst crisis since the Great Depression of the 1930’s. Major financial institutions went bust; others were bought up on the cheap or survived only after major bailouts. Global stock markets fell by more than 50%; interest-rate spreads skyrocketed; a severe liquidity and credit crunch appeared; and many emerging-market economies staggered to the International Monetary Fund for help.