END-NOTES 1 See for example, Chapter 2, “A Story of Crash, Crunch and Crisis” in the fi rst Confronting the Crisis report, “Confronting the Crisis: Its Impact on the ICT Industry”, published on 16 February 2009 by ITU, Geneva. See also http://www.rgemonitor.com/globalmacro-monitor/254732/ the_world_credit_crisis__a_simple_introduction_part_ii__some_issues_and_complications. 2 See remarks by Jonathan Coppel, Economic Counselor at the OECD, to the Strategic Dialogue on ICTs and Confronting the Crisis, at the ITU World Telecommunication Policy Forum 2009 in Lisbon, Portugal, on 21 April 2009. Available at: http://www.itu.int/ibs/wtpf/2009/sd/ 3 “Australia Able to Avoid Recession”, BBC News, 3 June 2009, available at: http://news.bbc.co.uk/2/hi/business/8080446.stm 4 According to the latest World Bank estimates, the global economy will decline this year by close to 3%, a signifi cant revision from a previous estimate of 1.7%: “Although growth is expected to revive during the course of 2010, the pace of the recovery is uncertain and the poor in many developing countries will continue to be buffeted by the aftershocks,” stated World Bank Group President Robert B. Zoellick on 11 June 2009. See: http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22209360~pagePK:34370~piPK:34424~theSitePK:4607,00.html 5 The IMF forecasts that global activity should contract by 1.4% in 2009 and to expand by 2.5% in 2010, 0.6% higher than envisaged in the April 2009 World Economic Outlook, annualized projections of Global GDP, quarter-on-quarter - “World Economic Outlook Update Contractionary Forces Receding, But Weak Recovery Ahead”, 8 July 2009, available at: http://www.imf.org/external/pubs/ft/weo/2009/update/02/. 6 P. 9, OECD Economic Outlook 2009, June 2009 edition, available at: http://www.oecd.org/dataoecd/36/57/43117724.pdf 7 “Jobs Picture for July 2, 2009”, Heidi Shierholz, available at: http://www.epi.org/publications/entry/jobs_picture_20090702/ 8 To understand how the US property crash spread globally, see Corden at: http://www.rgemonitor.com/globalmacro-monitor/254732/the_world_ credit_crisis__a_simple_introduction_part_ii__some_issues_and_complications. 9 “Global economic crisis - Fully Spend Stimulus Money to Back Crisis Recovery”, IMF Survey online, 26 June 2009, available at: http://www.imf. org/external/pubs/ft/survey/so/2009/POL062609A.htm. 10 “Fed’s Lockhart Says Economy Steadying, Recovery Weak”, 20 July 2009, available at: http://www.bloomberg.com/apps/news?pid=20601087&sid =aH2XiEtaOE7c 11 Global economic crisis - Fully Spend Stimulus Money to Back Crisis Recovery, IMF Survey online, 26 June 2009, available at: http://www.imf. org/external/pubs/ft/survey/so/2009/POL062609A.htm 12 “The latest economic news from around the world gives some reason for cautious optimism,” said John Lipsky, the IMF’s First Deputy Managing Director, in a speech in Paris on 26 June 2009. “Tentative signs are emerging that the rate of decline in global output is moderating and that fi nancial conditions are improving”, Global economic crisis - Fully Spend Stimulus Money to Back Crisis Recovery, IMF Survey online, 26 June 2009, available at: http://www.imf.org/external/pubs/ft/survey/so/2009/POL062609A.htm 13 “Benefi ts of New Money Go Abroad”, Telegraph, 2 May 2009, available at: http://www.telegraph.co.uk/fi nance/newsbysector/ banksandfi nance/5262244/Benefi ts-of-new-money-go-abroad.html 14 “Global economic crisis - Fully Spend Stimulus Money to Back Crisis Recovery”, IMF Survey online, 26 June 2009, available at: http://www.imf. org/external/pubs/ft/survey/so/2009/POL062609A.htm. 15 “Fed’s Lockhart Says Economy Steadying, Recovery Weak”, 20 July 2009, available at: http://www.bloomberg.com/apps/news?pid=20601087&sid =aH2XiEtaOE7c 16 “Fiscal stimulus plans to tackle the crisis”, 23 November 2008, Reuters, available at: http://www.reuters.com/article/BANKSL/ idUSLN44450720081123 17 “Options for Responding to Short-Term Economic Weakness”, Congressional Budget Offi ce, January 2008, available at: http://www.cbo.gov/ ftpdocs/89xx/doc8916/Frontmatter.2.1.shtml 86