Regional Depressions Between 1973 and 2002
Several Latin American countries had severe downturns in the 1980s: by the Kehoe and Prescott definition of a great depression as at least one year with output 20% below trend, Argentina, Brazil, Chile, and Mexico experienced great depressions in the 1980s, and Argentina experienced another in 1998–2002.
This definition also includes the economic performance of New Zealand from 1974–1992 and Switzerland from 1973 to the present, although this designation for Switzerland has been controversial.
Over the period 1980–2000, Sub-Saharan Africa broadly suffered a fall in absolute income levels.
Read more about this topic: Depression (economics)
Famous quotes containing the word depressions:
“Even as fog continues to lie in the valleys, so does ancient sin cling to the low places, the depressions in the world consciousness.”
—Dewitt Bodeen (1908–1988)