Seven years after the crisis began, the global economy has taken decisive steps out of the dark. Just as the collapse hit countries in different ways, the way out has not been the same for everyone. Some countries have made it in high gear, others have been slowly working up through low ones.
But the process is well underway and in this programme we track the recovery with our own correspondents to see how connected the global economy is, and what to expect in 2016.
We start in the country that is now leading the recovery – the United States. The world’s largest economy made its way through the crisis and is now in a period of growth that is hopefully solid enough to stand the higher interest rates recently announced by the Federal Reserve.
That’s not the case in Europe yet. The recovery here is way behind. Eurozone countries don’t always share their advances, but they do share the problems.
We look at the economic fairy-tale in Germany, the eurozone’s largest economy, that’s been damaged by the country’s leading company. We check out the situation in Spain – one of the fastest growing in the block, where the data always look way better in the summer – and examine Greece, where the holiday season was really hot, though not relaxing.
After Europe, we go to Asia, where China became a ticking bomb when Beijing tried to slow down growth.
And finally we analyse parts of the Arab world where the recovery has been hit not only by lower oil prices, but also by terrorism that has taken a high toll on tourism and the wider economy.