The Great Debate UK
- Don Drummond is Chief Economist at TD Bank Financial Group. The opinions expressed are his own. -
The Great Recession is over in North America. But repair will be a slow work in progress and great risks remain. Many of these risks are centred on policy matters. The recession shook our understanding of some policy matters to the core, leaving more questions than answers.
The Great Recession produced deep output and employment losses in many countries, certainly including Britain and the U.S., but also an unprecedented degree of synchronization around the globe.
That synchronization produced the first annual output loss for the global economy since data began in the early 1960s. Fortunately, we are also seeing synchronization in the recoveries, to the point that global output should rise about 4 per cent in 2010.