Definition of Recession
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession.
It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009). Poland, considered an emerging market country, also avoided the recession as a result of their strong domestic market, low private debt and flexible currency.
Read more about this topic: Timeline Of The Late-2000s Global Recession
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