Question

What effect did the financial crisis and recession have upon world trade in 2011?

Answer 1

Answer:

The lost growth because of the financial crisis is calculated in over $10 trillion, one-sixth of global GDP since 2008. In 2010, international trade saw a rebound of around 14% globally, acccording to the United Nations. In 2011, it slowed down to 5.5%. In the Eurozone, trade did not recover its pre-crisis levels in 2011, though Japan and the USA performed somewhat better. Trade recovery was higher in the developing world, where trade growth was 6-7%, according to the same sources. Commodities were an exception , reporting double-digit growth as 2011 and 2012 saw record commodity prices in global markets. So, global economic recovery slowed down in 2011.

Explanation: