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The world economy has experienced four global recessions over the past seven decades: 1975, 1982, 1991, and 2009. Some of the world economies were correlated with global recessions in different magnitudes. Many urge the world economy would fall into recession once again in 2023.
The global recessions were highly synchronized internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by the global financial crisis, was by far the deepest and most synchronized of the four recessions (Kose, Sugawara & Terrones, 2020)