From a somewhat longer-term perspective, the global economy seems to have finally moved out of its adjustment phase after the global financial crisis, often dubbed the Lehman shock, and is entering a new phase. In what follows, I will touch on changes underway in the global economy while looking back at developments after the global financial crisis. II.
The Global Economy after the Global Financial Crisis After the global financial crisis started in autumn 2008, the growth rate of the global economy significantly decelerated. A salient feature of this recession was the deceleration in growth of the world trade volume, the slowdown in the manufacturing sector, and the decline in business fixed investment.