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Global Risks 2009
Printervenlig udgave
A Global Risk Network Report

2008 was an historic year. Financial disruptions triggered by declining house prices in the US grew into a global credit crisis of systemic proportions. By the second half of the year, most advanced economies had entered a recession. The downturn spilled over into emerging markets, increasing the likelihood of a global contraction in 2009. Although the world has seen several financial crises, this one differs in two respects. First, it has demonstrated just how tightly interconnected globalization has made the world and its systems. Second, this crisis was driven by developed economies using unprecedented levels of debt and leverage throughout the financial system. Thus, risks that had been identified in the past two editions of this report – the risk of a global meltdown in asset prices (2007) and the widespread mispricing of risk and the potential
implications of systemic financial risk (2008) – have materialized with huge consequences.

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