The financial crisis, trade finance and the collapse of world trade
The financial crisis that began in August 2007 and intensified in the fall of 2008 pushed the global economy into its most severe recession since World War II. As 2009 drew to a close, there were signs that economic activity in many countries was rebounding, but the fragile state of many countries' financial systems and concerns about how governments and central banks will manage the exit strategies from the extraordinary measures taken to mitigate the worst effects of the crisis leave many open questions about the ultimate course of the recovery.
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