How did the sharpest global slowdown in more than six decades happen, and how can recovery be made sustainable? From Crisis to Recovery traces the causes, course, and consequences of the Great Recession. The book explains how a global buildup of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy, destroying businesses and raising unemployment to the highest levels in decades.
The worst of the crisis now looks to be over, but a swift return to strong growth appears unlikely, and employment will take several years to get back to pre-crisis levels. High levels of public and private debt mean that cutbacks and saving are likely to become the main priorities, ensuring that the impact of the recession will continue to be felt for years to come.
Brian Keeley and Patrick Love are editors at the OECD.