Editing Recession (section)

===Global===

{{main|Global recession}}
According to the [[International Monetary Fund]] (IMF), "Global recessions seem to occur over a cycle lasting between eight and 10 years."<ref name="IMF2002 recession statement">[http://www.imf.org/external/np/vc/2002/040502.htm The Recession that Almost Was.] {{Webarchive|url=https://web.archive.org/web/20081212032611/http://www.imf.org/external/np/vc/2002/040502.htm |date=12 December 2008 }} Kenneth Rogoff, International Monetary Fund, Financial Times, 5 April 2002</ref> The IMF takes many factors into account when defining a global recession. Until April 2009, IMF several times communicated to the press, that a global annual [[real GDP]] growth of 3.0% or less in their view was "equivalent to a global recession".<ref name="economist-12381879">{{cite news |url=https://www.economist.com/finance/displaystory.cfm?story_id=12381879 |title=The world economy Bad, or worse |newspaper=The Economist |date=9 October 2008 |access-date=15 April 2009 |archive-date=21 February 2009 |archive-url=https://web.archive.org/web/20090221121619/http://www.economist.com/finance/displaystory.cfm?story_id=12381879 |url-status=live }}</ref><ref>Lall, Subir.  International Monetary Fund, 9 April 2008. [http://www.imf.org/external/pubs/ft/survey/so/2008/RES040908A.htm "IMF Predicts Slower World Growth Amid Serious Market Crisis"] {{Webarchive|url=https://web.archive.org/web/20090228204137/http://imf.org/external/pubs/ft/survey/so/2008/RES040908A.htm |date=28 February 2009 }}</ref>

By this measure, six periods since 1970 qualify: 1974–1975,<ref name="IMF0901">[https://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Global-Economic-Slump-Challenges-Policies Global Economic Slump Challenges Policies] {{Webarchive|url=https://web.archive.org/web/20200109000117/https://www.imf.org/en/Publications/WEO/Issues/2016/12/31/Global-Economic-Slump-Challenges-Policies |date=9 January 2020 }} IMF. January 2009.</ref> 1980–1983,<ref name="IMF0901"/> 1990–1993,<ref name="IMF0901"/><ref name="b1">{{cite news|url=https://www.bloomberg.com/apps/news?pid=20601087&sid=arlKrFbn3pfY&refer=home |title=Global Recession Risk Grows as U.S. "Damage" Spreads. Jan 2008 |publisher=Bloomberg L.P. |date=28 January 2008 |access-date=15 April 2009 |url-status=dead |archive-url=https://web.archive.org/web/20100321154128/http://www.bloomberg.com/apps/news?pid=20601087 |archive-date=21 March 2010 }}</ref> 1998,<ref name="IMF0901"/><ref name="b1"/> 2001–2002,<ref name="IMF0901"/><ref name="b1"/> and 2008–2009.<ref name="IMF1301">{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/tables.pdf|title=World Economic Outlook (WEO) April 2013: Statistical appendix – Table A1 – Summary of World Output|publisher=IMF|date=16 April 2013|access-date=16 April 2013|archive-date=25 May 2013|archive-url=https://web.archive.org/web/20130525084203/http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/tables.pdf|url-status=live}}</ref> During what IMF in April 2002 termed the past three global recessions of the last three decades, global per capita output growth was zero or negative, and IMF argued—at that time—that because of the opposite being found for 2001, the economic state in this year by itself did not qualify as a ''global recession''.<ref name="IMF2002 recession statement"/>

In April 2009, IMF had changed their Global recession definition to "A decline in annual per{{nbhyph}}capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per{{nbhyph}}capita investment, and per{{nbhyph}}capita consumption."<ref name="New IMF Global Recession definition">{{cite news|url=https://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession/|title=What's a Global Recession?|newspaper=The Wall Street Journal|date=22 April 2009|access-date=17 September 2013|first=Bob|last=Davis|archive-date=28 February 2019|archive-url=https://web.archive.org/web/20190228002745/https://blogs.wsj.com/economics/2009/04/22/whats-a-global-recession/|url-status=live}}</ref><ref name="IMF WEO 2009">{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/text.pdf|title=World Economic Outlook – April 2009: Crisis and Recovery|work=Box 1.1 (pp. 11–14)|publisher=IMF|date=24 April 2009|access-date=17 September 2013|archive-date=31 December 2010|archive-url=https://web.archive.org/web/20101231195910/http://www.imf.org/external/pubs/ft/weo/2009/01/pdf/text.pdf|url-status=live}}</ref> By this new definition, a total of four global recessions took place since [[World War II]]: 1975, 1982, 1991 and 2009. All of them only lasted one year, although the third would have lasted three years (1991–1993) if IMF as criteria had used the normal exchange rate weighted per{{nbhyph}}capita real World GDP rather than the purchase power parity weighted per{{nbhyph}}capita real World GDP.<ref name="New IMF Global Recession definition"/><ref name="IMF WEO 2009"/>