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Global Crisis and International Trade: Prospects for 2010

Author

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  • Dobre I. Claudia

    (“Ovidius” University of Constanta, Faculty of Economic Sciences,)

  • Sorici Costin

    (“Ovidius” University of Constanta, Faculty of Economic Sciences,)

Abstract

Towards the end of 2008 the global crisis initiated to manifest itself in international trade. In this paper we show that the slump in global demand and the slowing-down in economic growth translated into a substantial reduction in international trade that has affected the cross-border trade of virtually all countries and economic sectors. Adittionally, we focus on the reasons why trade declined so steeply, with 12% in 2009. The emerging consensus is that the great trade collapse was mostly a demand shock – although supply side factors played some role. Finally, we observ that after a challenging two years in which the global economy endured the worst recession since the Second World War, recovery is now unambiguously underway.

Suggested Citation

  • Dobre I. Claudia & Sorici Costin, 2010. "Global Crisis and International Trade: Prospects for 2010," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 176-182, October.
    • Handle: RePEc:ovi:oviste:v:10:y:2010:i:2:p:176-182
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    More about this item

    Keywords

    integration effects; trade; single market; Europe Union;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General

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