Overview of output and price developments in 2009-10

World GDP growth turned sharply negative in 2009 for the first time since the 1930s, dropping to - 2.3 per cent from 1.6 per cent in 2008. Both years were well below the 2000-08 average of 3.0 per cent. Although the contraction in output started in the developed economies in the fourth quarter of 2008, it accelerated in the first half of 2009 and eventually affected all countries and regions to varying degrees. However, many developing countries only experienced slower GDP growth rather than absolute declines in output.