As the credit crunch of 2007 turned into the financial crash of 2008, increasing concerns were voiced that worse was to follow, and that the crash would turn into a global recession, which if it proved deep and long enough could produce a more generalized crisis of the whole economic and political system. The IMF World Economic Outlook published in January 2009 and discussed in Chapter 2 predicted that for the first time since 1945 the advanced economies taken as a whole would experience a contraction of economic activity in 2009. By 2010, however, it was expecting a modest recovery, and for the rising economies, it predicted a slowdown in economic growth in 2009, but then a sharp increase in 2010.
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