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Those moves helped China bounce back quickly from a sharp downturn set off by the global turmoil.
From foreclosure to food shortages, the economic downturn set in motion by the financial crisis of 2008 is having a broad and deeply-felt global impact.
Cresswell said that because the downturn set in towards the end of last year, the rate of decline should ease off in the second half of 2009.
A bigger concern for the export-dependent Chinese and Japanese economies would be an economic downturn set off by a United States debt default or even a close flirtation with default, as the Obama administration has warned.
Last year, for example, the market rocketed in the two months before Mr. Ma's inauguration, only to plunge steadily afterward as the reality of the global downturn set in.
Despite these problems, Armenia's economy experienced several years of double-digit growth before a sharp downturn set in in 2008.
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But the company has periodically overreached during its evolution, and economic downturns set off large accounting corrections to the value of its business.
"The downturn looks set to deepen in the third quarter.
The severity of the economic downturn will set a stern test of lenders' credit management.
But he admits to having been surprised by the depth of the downturn that set in after Spain's housing bubble burst.
The downturn was set off by a drop in oil prices, competition from fracking and other sources and, local businesses will tell you, an overbearing regulatory reaction to the Deepwater Horizon accident.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com