MERCOSUR Report No. 14 (2008-2009)
The period covered by MERCOSUR Report 14 (July 2008-June 2009) was marked by the international crisis. The inflationary phase of the crisis (August 2007-June 2008) fuelled certain expansionary trends in MERCOSUR countries. Once this phase had run its course, MERCOSUR¿s performance began to feel the negative effects of the world economy. As of the fourth quarter of 2008, the collapse of activity levels and global trade, falling commodity prices, and financing difficulties were reflected in recessionary trends within the bloc. However, as of March 2009, there were clear signs of stabilization in the world economy, if not of outright recovery. This marks a shift in the international scenario compared to the previous period.