Globally, the cost of the crisis has been enormous. The ensuing recession was the worst the world has seen since the 1930s and the most globally synchronous in history. Almost 28 million jobs disappeared. Output losses to the global economy amounted to at least $ trillion.
The recoveries in the United States and the euro area are the weakest since the Great Depression and risks are elevated. These global headwinds continue to challenge the Brazilian and Canadian economies. The devastation wrought by the crisis has focused attention on rising levels of income inequality in most advanced countries. The ensuing recession inflicted the greatest hardship on the most vulnerable.