The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you consent to the use of cookies. 

CHARTS

A different kind of global recovery: The global financial crisis vs. COVID-19

Consumer Confidence Au Index

Mandatory and voluntary restrictions on economic activity to halt the spread of the global COVID-19 pandemic led to an unprecedented downturn in the global economy in the first half of 2020. Deep recessions in economic activity were widespread around the globe and occurred at roughly the same time. The Conference Board estimates the level of global GDP in 2020 to fall 4.7 percent below last year’s level, according to our latest Global Economic Outlook. This would be a far worse outcome than the contraction in global GDP during the global financial crisis (GFC) when the global economy contracted 0.9 percent from 2008 to 2009.

At the same time, we expect a much weaker rebound in annual growth rates than was the case in the aftermath of the GFC, primarily because of lower growth in emerging markets. Prior to the GFC, growth in these developing economies was accelerating rapidly as they caught up with more advanced ones. This helped them to quickly rebound from the crisis. More recently, however, these same economies have been undergoing a deceleration in economic growth because much of that “catch up” potential has been realized. We therefore anticipate that emerging markets will recover from this shock more slowly and will fail to help drive a rapid rebound in global economic growth.

Click here for more information on The Conference Board Global Economic Outlook.

Support Our Work

Support our nonpartisan, nonprofit research and insights which help leaders address societal challenges.

Donate

FILTER BY CENTER

Our Experts

Thought leaders who provide trusted insights for navigating companies and the economy though COVID-19.

BartVanArk1.jpg

Bart van Ark

Senior Advisor

LynnFranco1.jpg

Lynn Franco

Director, Economic Indicators and Surveys

Ataman.jpg

Ataman Ozyildirim

Senior Director, Economics and Global Research Chair

MatteoTonello.jpg

Matteo Tonello

Managing Director, Environmental, Social, and Governance (ESG)

GadLevanon.jpg

Gad Levanon, PhD

Vice President, Labor Markets

DavidHoffman1.jpg

David Hoffman

Senior Vice President Asia and Managing Director of the China Center for Economics & Business

Ray, Rebecca 120 x 120.jpg

Rebecca L. Ray, PhD

Executive Vice President, Human Capital

Schrader, Anke 120x120.jpg

Anke Schrader

Research Director, the China Center for Economics and Business

AmyAbel.jpg

Amy Lui Abel, PhD

Vice President, Human Capital Research

ThomasSinger.jpg

Thomas Singer

Principal Researcher

Uwe-Portrait-120x120.jpg

Dr. Uwe G. Schulte

Leader, Global Sustainability Centre and Program Director

Washington.jpg

Paul Washington

Executive Director, ESG Center

IlariaMaselli.jpg

Ilaria Maselli

Senior Economist

rsz_popiela__amanda.jpg

Amanda Popiela

Researcher, Human Capital

ElizabethCrofoot.jpg

Elizabeth Crofoot

Senior Economist, Labor Markets

JohnForsyth.jpg

John Forsyth

Leader of the Consumer Dynamics Institute

CindyCisneros.jpg

Cindy Cisneros

Vice President of Education Programs

Odland, Steve 120x120.jpg

Steve Odland

President and CEO

JeffHoffman.jpg

Jeff Hoffman

Institute Leader, Corporate Citizenship & Philanthropy, ESG Center

JoeMinarik.jpg

Joseph J. Minarik

Senior Vice President and Director of Research

ErickLundh.jpg

Erik Lundh

Senior Economist

RobinEriksen.jpg

Robin Erickson, PhD

Principal Researcher

JP.jpg

JP Kuehlwein

Marketing Institute Leader

DeniseDahlhoff.jpg

Denise Dahlhoff, PhD

Senior Researcher, Consumer Research

Sabattini, Laura 120x120.jpg

Laura Sabattini, PhD

Principal Researcher, Human Capital

Schwarz Robert.JPG

Robert Schwarz

Senior Researcher, ESG Center

Chiqui.jpg

Chiqui Cartagena

Chief Marketing Officer & Center Leader, Marketing & Communications

Dr. Mahdy Al Jazzaf1.png

Dr. Mahdy Al Jazzaf

Executive Director

DevinOConnor.jpg

Devin O’Connor

Deputy Director, Economic Research

OTHER RELATED CONTENT