The resilience ranking - Top 10 economies with the longest periods without a recession
Written and accurate as at: Oct 31, 2023 Current Stats & Facts
Measuring the length of time between recessions is a somewhat straightforward way to gauge economic resilience, although it should be noted that this is just one metric among many. While exact figures can vary due to differing definitions of a recession and incomplete data, the following list gives a general idea of which economies have gone through the most extended periods without a recession.
1. Australia
Approximately 29 years (1991 to 2020)
Australia went nearly three decades without experiencing a recession until the COVID-19 pandemic.
2. China
Approximately 28 years (1990 to 2018)
Although China's official GDP figures are often subject to scepticism, it has ostensibly avoided a recession since the early '90s.
3. India
Approximately 27 years (1991 to 2018)
India has avoided a formal recession for an extended period, although it has experienced periods of slow growth.
4. New Zealand
Approximately 25 years (1991 to 2016)
Like its neighbour Australia, New Zealand has demonstrated long periods without a recession.
5. Singapore
Approximately 24 years (1991 to 2015)
Singapore has shown solid economic resilience, although it is susceptible to global economic trends due to its small, open economy.
6. Canada
Approximately 16 years (1991 to 2007)
Canada has experienced relatively long periods of economic growth, particularly compared to other G7 countries.
7. Switzerland
Approximately 15 years (1991 to 2006)
With a robust banking sector and diversified economy, Switzerland has shown a fair degree of economic resilience.
8. Sweden
Approximately 14 years (1997 to 2011)
Sweden's strong welfare system and diversified economy have helped it to weather economic storms relatively well.
9. Norway
Approximately 13 years (1993 to 2006)
Norway has benefited from its oil reserves and sovereign wealth fund, enabling it to avoid recessions for extended periods.
10. United States
Approximately 10 years (2009 to 2019)
The U.S. had a long expansionary period after the 2008 financial crisis until the COVID-19 pandemic hit.
These estimates are based on widely accepted but sometimes debated definitions of a recession and available economic data. It's also worth mentioning that simply avoiding a recession doesn't capture the complete picture of an economy's health or resilience. Other factors, such as income inequality, quality of life, and fiscal stability, are also essential.