•  Third, international trade flows, which had grown very robustly in recent decades thanks to waves of liberalisation, have suddenly abated towards the end of 2008 and then strongly contracted in some areas, further propagating the effects of the crisis across countries. According to projections by international institutions, world trade is anticipated to shrink in 2009 for the first time since 1945.
2 In the last quarter of 2008,  1  The so-called Case-Schiller index is a widely used measure. 2  By 13% in 2009 according to the OECD.