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Global Recession Chronology (2007–09)

Reference work entry

Credit Crunch Chronology for September 2009

  • 1st – India’s exports fell at an annualized rate of 28% in July, its tenth consecutive monthly contraction.

  • 2nd – The de facto government of Honduras received US$150 m. from the IMF to boost its dollar reserves.

  • 2nd – The OECD predicted that the recession in Iceland, marked by a large contraction in domestic demand, would be deeper than in most developed economies.

  • 3rd – The OECD forecast the UK to be the only G7 economy to stay in recession at the end of 2009, while the eurozone and the USA would record two quarters of growth.

  • 4th – The G20 group of nations agreed to continue fiscal stimulus until the recovery from recession was assured.

  • 5th – The IMF sanctioned US$510 m. to Zimbabwe, its first loan to the country in a decade, to replenish the economy’s dwindling foreign currency reserves.

  • 8th – The EBRD announced it would invest a record €8 bn. (US$11.6 bn.) in central and eastern Europe in the course of 2009.

  • 8th –Estonia’s GDP shrank at...

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