Slump mirrors other recessions

THE global economic slowdown is similar to previous recessions, the Bank of England said in its quarterly report released today.

And exchange rate depreciations, as seen in the recent slump, have helped economies recover, it added.

Financial crises affected recessions in the 18th and 19th centuries, while international financial crises have often impacted the UK, particular after periods of globalisation.

The comparison, provided to offer context for the current economic troubles, shows the recovery avoiding a 1930s style double dip.