Even Japan is now looking forward to a durable recovery in part as a result of the decrease in banks’ contingent liabilities and of strong export demand, especially from China. Many Latin American countries have turned the page of distress and have been recording fast, though still fragile, growth.
The crisis that erupted with the collapse of Lehman Brothers in September 2008 spread rapidly thereafter – sector by sector and economy by economy. Almost every country in the world has been impacted, although to a different extent. India was no exception. 8. Largely driven by the then intellectually fashionable decoupling theory, there was dismay in India that we were hit by the crisis.