Impacts of the Great Economic Recession from 2008 to 2019 in Colombia, Mexico and Brazil

Abstract

The Great Recession is considered one of the most serious economic crises of the 21st century, since it affected several countries in the world, including Latin American countries. The objective of this article is to understand the impact of the Great Recession in Latin American countries considered to be developing countries such as Colombia, Mexico, and Brazil. To carry out the above, the methodology implemented was based on a fully qualitative research on the 2008 Economic Crisis and the impacts that this generated on countries such as Colombia, Mexico and Brazil; This information was extracted from various secondary sources, based on the review of the sources, information was collected on the expansive monetary and fiscal policies that these three countries implemented to overcome the crisis and it was found that the three countries managed to recover between 2010 and 2012. Finally, from this work it can be concluded that the impact of the crisis was greater in developing countries than in developed countries, where the countries considered as economic powers have better tools that allow them to overcome these events, such as the economic crisis presented in 2008. It is also concluded that the countries that were analyzed had different behaviors during the crisis; these countries were analyzed in different topics that were considered fundamental at the time of their respective analysis; at the same time that a solution was sought for these problems; policies were implemented that allowed them to mitigate the impacts that were generated during the great recession to later give a definitive answer to this problem.