A mini-recession in 2001 slowed the growth in world trade to a crawl and the 2009 global recession reduced world trade.

After the recession of 2009, world trade bounced back to 27 percent of global production, where it remained in 2015.

Source of data: International Monetary Fund, World Economic Outlook Database, October 2015.

Checkpoint 2.3 Practice Problems Solutions to Practice Problems Explain the circular flow model of the U.S. economy and of the global economy.

2.3