Our other major trading partners fared no better. In the fourth quarter of 2008, Japan contracted by 12,1 per cent, the euro area by 6,3 per cent, and within the euro area, Germany contracted by 8,2 per cent. Developing and emerging market economies were also part of the synchronised downturn, contracting by 4 per cent.
While China managed to grow by 1,4 per cent in that quarter, the Indian economy experienced zero growth. Taiwan, South Korea and Thailand experienced quarter-on-quarter annualised contractions in excess of 20 per cent, while contractions were also experienced in eastern and central Europe and Latin America.