... calculations.OutputCredit World Economic Outlook Crisis and Recovery World Economic and Financial Surveys09APRCHAPTER 3 FROM RECESSION TO RECOVERY: HOW SOON AND HOW STRONG?122Figure 3.14. ... 2003 and includes the Long-Term Capital Management collapse, the dot-com crash, and the collapses of WorldCom, Enron, and Arthur Andersen. The second episode runs from July 2007 onward and ... turning points, Ireland has been in decline for seven quarters; Denmark for fi ve; Finland, New Zealand, and Sweden for four; Austria, Germany, Italy, Japan, the Nether-lands, and the United Kingdom...