Irony can be pretty ironic sometimes

The 2008 financial crisis originated in the United States. However as everyone knows the shock-wave traveled around the world, bringing down economic activity almost in every country.

Recently the OECD released the per capita GDP figures for 2009. What is fascinating to me is that even though the U.S was ground zero for the crisis, so far the slowdown has hit Europe worse!

The E.U15 purchasing power adjusted per capita GDP declined from 71.9% of the American level in 2008 to 70.9% of the American level in 2009. (some of the movement in purchasing power has to do with currency fluctuations.)

Look at the table, lots of interesting information here. For example Australia and South Korea seem to have weathered the crisis best among the OECD.



It is of course possible that the crisis will be worse but shorter and less deep for Europe, and that they recover faster than the U.S. Still It is pretty remarkable for Western Europe, the Utopia of the American left, to manage to lose ground to the U.S in the midst of the worst crisis for the American economy in 4 generations.