A global recession is a period of global economic slowdown. The International Monetary Fund (IMF) takes many factors into account when defining a global recession, but it states that global economic growth of 3 percent or less is "equivalent to a global recession". By this measure, four periods since 1985 qualify: 1990–1993, 1998, 2001–2002 and 2008–2012.
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“As the global expansion of Indian and Chinese restaurants suggests, xenophobia is directed against foreign people, not foreign cultural imports.”
—Eric J. Hobsbawm (b. 1917)