HispanicBusiness

2009 will be registered as one of the worst years of U.S. contemporary economic performance. The year began with economic growth contracting at an average negative rate of 6 percent and monthly job losses averaging 650,000, during the first quarter. As described by Federal Reserve Governor Daniel Tarullo, the period ending the second quarter of 2009 was "the first time the United States had suffered negative GDP growth in four consecutive quarters since the Great Depression." Moreover, the severe U.S. financial crisis dragged the world economy into a profound recession

True, it could all have been much worse without the forceful government intervention, to avoid a global financial collapse. The U.S. government led the coordination with the leading world economies, represented in the Group of Twenty.

The year is closing with a return of growth throughout the world. The U.S. economy registered 2.2 percent growth in the third quarter and a declining trend in unemployment, with job losses in November amounting to only 11,000. Still, more than 15 million persons are unemployed in the United States and both consumers and small companies do not have access to enough credit.

This worst performance in decades, has prompted The Wall Street Journal to hold that the first decade of the twenty first century will be registered as a lost decade for the U.S. economy. The decade, coming to a close in 2009, started with the bursting of the tech bubble and the consequent recession of 2001. It is ending with the bursting of the housing bubble and the Great Recession, which started in 2007.

From an economic perspective, very few will regret the passing of 2009.

Isaac Cohen is Former Director, Washington Office of the United Nations Economic Commission for Latin America and the Caribbean (ECLAC). He also serves as a commentator on economic and financial issues for CNN en Espanol TV and radio.