The 2007-2009 financial crisis and recession: Reflections in the national accounts

This chapter describes the financial crisis and recession as reflected in the national accounts of OECD countries. It first summarises how the 2008-09 recession affected GDP and other major national accounts data, including the financial accounts and balance sheets, focusing on the experience of the OECD in aggregate and of the G7 countries. Next, the chapter considers how the rate of recovery has differed across countries since 2009. It then looks back at the period leading up to the recession and at how some of the imbalances were reflected in national accounts. The chapter concludes by considering the data gaps in accounts that were exposed by the crisis: what relevant information would policy makers have liked to have had, but which national accounts were unable to provide? It also discusses some of the steps that are being taken to address these gaps.