Economic consequences. Global recession
Some economists even in February 2008, it was felt that the world recession has already begun.
Posted 13 November 2008 Economic Review Organization for Economic Cooperation and Development (OECD) noted that the developed economies of the world entered into recession. International rating agency Fitch Ratings believes that the recession will be the most severe since World War II, and the first time the developed world enters into it simultaneously. November 25, 2008 reported that, according to calculations of the Ministry of Economic Development of Russia, the first time since the global crisis registered a decline of GDP in Russia in one month compared to the previous: in October, GDP declined by 0.4% relative to September, although annual terms, compared with October 2007, rose by 5,9%.
In half of November 2008 the threat of deflation emergency in developed countries has been the subject of economic review and analysis. In early December 2008 the Rector of the Academy of National Economy under the government of Russia Vladimir Mau, said: "In the current crisis situation is quite conceivable combination of deflation in one part of the world and stagflation in the other. <...> The world could face two parallel unfolding crisis models, which require the opposite approach. The struggle with deflation in the Western world will push inflation into the outer world for him, in the developing economies. And last, repeating the western approaches to combat the crisis will quickly be trapped in stagflation. ".