In the absence\u00a0of countercyclical responses, the slump could have been much stronger.<\/p>\n
Some address the policy agenda mentioned\u00a0above, drawing on the work of the Stiglitz Commision and on UNCTAD research. Many of the contributions draw from the two conferences at HTW\u00a0Berlin in November 2009 and June 2010, while others are contributions by\u00a0UNCTAD researchers or authors cooperating with HTW in an international\u00a0network of 12 universities funded by the German Academic Exchange
\nService (DAAD).<\/p>\n","protected":false},"excerpt":{"rendered":"
The financial crisis started in the United States in 2007 and involved\u00a0financial institutions in many OECD countries. It was only when the crisis\u00a0turned into a global economic recession that developing and emerging-market economies were affected, mainly through the trade channel, and\u00a0in some cases through workers\u2019 falling remittances. In many developing\u00a0countries, the economic consequences of these indirect effects were as severe as the direct effects were on developed countries. The worldwide recession,\u00a0the first since the Second World War, led to a reduction of world gross\u00a0domestic product (GDP) by 0.6 per cent in 2009.<\/p>\n","protected":false},"featured_media":9112,"template":"","meta":{"inline_featured_image":false},"product_brand":[],"product_cat":[10379],"product_tag":[10322,10320],"class_list":["post-9111","product","type-product","status-publish","has-post-thumbnail","product_cat-altax-library-en","product_tag-crisis","product_tag-financial","first","instock","downloadable","virtual","purchasable","product-type-simple"],"yoast_head":"\n