The results are shown for 12 major economies, with a common scale across panels to ease comparison. What is striking is the different picture it presents of macroeconomic performance during the crisis compared with Figure 1, which plots absolute real GDP growth. There was wide variation in both the timing and severity of the crisis across different economies. The North American economies, together with Japan, were the poorest performers early on, as seen by their negative deviations from the global trend during 2006–07. Brazil and Indonesia significantly outperformed other economies throughout the crisis period. While Russia performed relatively well in.
