The 2008 edition of the OECD Information Technology Outlook (December 2008) showed that the downturn in the ICT sector was deepening rapidly and that official short-term indicators had not yet started to show the depth and rapidity of the decline. Tracking the rapid slump in the ICT sector has been particularly difficult. Unlike the 2001-2002 recession which began with the bursting of the Internet bubble, the current recession began in the financial services sector due to deep-seated systemic weaknesses in OECD banks and insurance companies. The financial crisis rapidly worsened and spilled over from the United States to other countries and fed the subsequent crisis in the real economy. Despite massive government attempts to stabilise it, the financial system remains fragile, undermining global economic activity, and unemployment is rising rapidly.
The magnitude of the financial crisis and subsequent deep economic recession were difficult to foresee. OECD macroeconomic projections shifted down sharply in the 10 weeks from early September 2008 to mid-November 2008, from a rapid slowdown in growth and the onset of recession in some OECD countries to the OECD area as a whole entering recession and unemployment rising in many OECD countries. The subsequent OECD Interim Economic Outlook in March 2009 and the OECD Economic Outlook in June 2009 have tracked the development of the deepest and most wide-spread global recession for more than 50 years, with real GDP declining in all OECD countries in 2009, non-OECD countries slowing sharply, real world growth turning negative, and trade declining rapidly in real terms.