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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Post-Crisis New Normal Looms for the Global Economy

Post-Crisis New Normal Looms for the Global Economy

PARK Hyun-Soo

Apr. 29, 2010

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Originally released on March 24, 2010

1. Transition from Old Normal to New Normal

With the easing of the global economic crisis, talk of a post-crisis "new normal" of the global economy is intensifying. The "new normal" refers to a new set of standards emerging in response to the changing times. It can be denoted as a phenomenon that will characterize the first 5 to 10 years of the post-crisis world economy.

The background behind today's growing talk about the "new normal" is that, as evident in the past during economic crises such as the Great Depression, changes in regulatory environment and technological developments in IT brought about changes to what is considered "normal." The recent global economic crisis, which exerted a worldwide shock, is also seen to likely cause a structural change in the world economy.

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