Bangladesh

The powerful forces of globalization have made economies across the world so closely connected with each other that difficulties in some of them are very likely to have adverse impacts on other economies. As is well known, the global financial crisis which originated in the United States housing market in 2007 engulfed the world economy within a short period of time. The financial crisis and the consequent economic recession quickly affected almost all economies of the world, though in varying degrees. Although the developed industrial economies were the first victims, the crisis transmitted to the emerging and developing economies by 2008. The year 2009 experienced the first contraction of the global economy in the post-World War II era and the severe recession continued well into 2010.

Related Subject(s): Economic and Social Development

Countries: Bangladesh