The CGAP is the sum of an economy’s idiosyncratic performance over the two years from the first quarter of 2008 to the fourth quarter of 2009. A positive value indicates that an economy outperformed the global economy while a negative value indicates underperformance. A value of 10%, for example, implies that an economy had real GDP growth 10% higher than we would expect, given the path of the global economy, over this two year period. The 2008-2009 period includes the worst stages of the crisis, both for those economies that were severely impacted by the Lehman Brothers collapse in September.
