Global crisis, what global crisis?

The current economic crisis is called the "global financial crisis". But is the term "global" really justified?

Yes, in much of the developed world - in Europe, North America and Russia - growth spluttered - and in many countries, but not in all years, rates of GDP growth turned negative. And yes, global output declined by 2 percent in 2009, but it also rebounded by 2.7 percent in 2010, and it is estimated to have risen by least as much in 2011.

The rebound of the global economy was actually dampened in the last two years because the crisis affected most developed parts of the world. These parts produce more goods and services than the other parts, so if their output goes down or stagnates, it tends to drag the global GDP down with it.