Recession of 2009/Timelines: Difference between revisions
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imported>Nick Gardner |
imported>Nick Gardner |
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Europe | Europe | ||
: Bank of England cuts bank | : Bank of England cuts bank rate from 4.5% to 2% | ||
Asia | Asia | ||
Revision as of 05:44, 14 January 2009
2008, 3rd quarter
World
United States
- US output falls - by 0.3% between second and third quarters of 2008 [6]
Europe
- UK output falls - by 0.5% between second and third quarters of 2008 [1].
Asia
- China's GDP growth rate falls - to a 9 per cent increase in the third quarter of 2008 over the 3rd quarter of 2007 [2]
2008, 4th quarter
World
- The oil price falls. (November US light $60/barrel, down fron July $147 peak)[3].
United States
- Federal Reserve Bank promises to buy up to $500 billion worth of mortgage-backed securities guarantee by Fannie Mae and Freddie Mac and up to $100billion worth of their direct debt [4].
- Federal Reserve Bank cuts its discount rate to 0 to 1/4 per cent [5].
Europe
- Bank of England cuts bank rate from 4.5% to 2%
Asia
- China announces a $586 billion fiscal stimulus [6]
2009, 1st quarter
- President-elect Obama proposes major fiscal stimulus [7].
- Bank of England cuts discount rate cut- from 2% to 1.5% [8].