According to this definition, since World War II there were only four global recessions (in 1975, 1982, 1991 and 2009), all of them only lasting a year (although the 1991 recession would have lasted until 1993 if the IMF had used normal exchange rate weighted per‑capita real World GDP rather than the purchasing power parity weighted per‑capita real World GDP). The IMF Committee on Balance of Payments Statistics was established by the IMF’s Executive Board in 1992 to improve the availability, consistency, and reliability of balance of payments and international investment position statistics worldwide. Oct 03, 2011 · A recession would put additional pressure on government budgets, add to the risk attached to government debts, further erode credit quality on bank balance sheets, and increase the chances of a... A few banking swallows do not a spring make. Quite the contrary. The IMF is now explicitly briefing of an economic catastrophe second, if not equal to, the Great Depression of 1929-33. Emphasis ours. The global economy is experiencing the deepest downturn in the post–World War II period,... This is called a balance sheet recession. And, in this type of recession, cutting the interest rate to zero and increasing the monetary base do not translate into an improvement of credit to the private sector and into a recovery of economic activity. The monetary policy becomes ineffective.