Keynes Goes Global: Anticipating the Global Slowdown

... anti-crisis response can be undertaken. The coordinated global response to the 2008-2009 crisis was unprecedented in terms of the scale and synchronicity undertaken by countries. According to the International Labour Organization (ILO), “among the G20 countries alone, the size of fiscal stimulus amounted to $2 trillion – roughly 1.4 per cent of the world GDP. More importantly, the response to this crisis stands out because of the synchronicity among major economies on all fronts – financial,...