NEW YORK – The fiscal stimulus that most advanced economies and emerging markets implemented during the 2008-2009 global recession – together with monetary easing and the backstopping of the financial system – prevented the Great Recession from turning into another Great Depression in 2010. At a time when every component of private demand was collapsing, the boost from higher government spending and lower taxes stopped the global economy’s free-fall and created the basis for recovery.
纽约——绝大多数发达经济体和新兴市场国家在2008－2009年全球衰退期间实行的财政刺激政策——与宽松货币政策和支持金融体系政策的效果相叠加——成功防止了这场衰退在2010年再次陷入大萧条之中。在构成私人需求的所有元素都溃不成军的时刻，来自加大政府开支和降低税收的推动政策成功阻止了全球经济自由落体，并由此创造了复苏的基础。