Economic growth in developed economies around the world has been uneven since the global recession of late 2008 and 2009.
For most nations, the size of the economy peaked in 2008 before contracting during the worldwide recession. While most economies rebounded from the depths of the recession, the economies of both Greece and Ireland were smaller at the end of 2011 than they were in 2008. In 2011, the rest of the “GIIPS” economies, Italy, Portugal and Spain, were barely larger than they were in 2008.
The majority of the G-7 nations have seen only modest growth since 2008. While Italy’s economy in 2011 was hardly larger than it was in 2008, the economies of the U.K. and Japan were barely better than that. Of the seven G-7 nations, Canada has seen the largest growth in their economy while growth in France, Germany and the United States has been tepid.
In 2012 Greece’s economy is expected to continue to contract over the course of the year. In addition to Greece, the nations of Ireland, Italy, Portugal, Spain and the U.K. have all sunk into recession in 2012. As a result the 2012, full year, estimates from the International Monetary Fund in April 2012 may end up being revised lower.
Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP (Current international dollar)
Data Source: International Monetary Fund, World Economic Outlook Database, April 2012