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The figure below shows the recovery in world trade since the global financial crisis. What seems to be occurring is that rather than a "V" shaped recovery in which trade returns to levels prior to the crash at the same, or similar, rates as the rate of decline, trade has resumed the same growth trajectory prior as to the crash. The failure of a "V" shaped rebound to occur is presumably a function of the amount of de-leveraging taking place and a general indication that a full recovery will be slow.



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Source: World Trade - No V Shaped Recovery