1:1 A key indicator of the state of an economy is GDP (Gross Domestic Product) which is the amount an economy produces each year. Figure 1.1 shows that over the course of 2008-9, GDP fell as a result of the Global Financial Crisis by 7 percentage points in total. From then until 2012, there was a slow recovery. However, since 2015, GDP has been trending downwards. First signs of the impact of the crisis can be seen in the figure for the first quarter of 2020 (January to March) when GDP fell by 2.5 per cent. This was, however, dwarfed by the 19.8 per cent drop in the following quarter (April to June), a reduction unprecedented in modern times.