He notes that: "Output fell at its fastest rate in nearly thirty years in the final quarter of 2008, and a similar fall in output in the first quarter of this year appears likely". He argues that "the pace, breadth and spread of the global downturn suggest that tighter credit conditions were not the only force at work. It seems clear that a pronounced and widespread collapse in confidence also played a major role."
Published on
27 March 2009
Press release