Since the global financial crisis of a decade ago, a number of economies have contracted. Greece remains the hardest hit, with its economy contracting by a quarter between 2009 and 2017, averaging about -3.4 percent annual growth.
In East Asia and the Pacific, China, Lao PDR, and Myanmar have shown high sustained growth, all averaging over 7 percent growth per year between 2009 and 2017. During the same time period, in South Asia, India and Bangladesh have experienced 7.2 percent and 6.3 percent average growth rate.
Countries in Latin America and the Caribbean have averaged small, but positive, growth each year over the period, though in 2016 the economies on average contracted to -0.4 percent. This was driven in part by contractions in Brazil, which accounts for 38 percent of the region’s economy. Recessions in Venezuela and Argentina also impacted overall growth in 2016. With positive, albeit small, growth in 2017, Brazil and Argentina seem to be recovering, while Venezuela continues to be in recession.