The Trillion Dollar Club: Spring 2009


March 10, 2009, 3:00 AM EDT
Peterson Institute for International Economics, Washington, DC

Event Summary

The Institute hosted the second of its semiannual meetings on the economic prospects for "The Trillion Dollar Club" at a meeting on March 10, 2009. The Trillion Dollar Club includes the usual four BRICs (Brazil, Russia, India, and China) along with South Korea and Mexico, the six emerging markets with economies exceeding $1 trillion. These countries are playing a pivotal role in both the current global turndown and the prospects for recovery.

The program covered three dimensions. First, senior fellow Arvind Subramanian ranked the relative impact of the crisis on different industrial and emerging countries, revealing unequal impact for members of the Club, with Brazil, China, and India experiencing minimal impact but Russian, South Korea, and Mexico substantially hit. Second, senior fellow Nick Lardy discussed the prospects for China and its potential contribution to helping promote a restoration of global growth. Third, senior fellow Gary Hufbauer and research associate Barbara Kotschwar analyzed the situation in Mexico and its likely contribution to the crisis response. Marcus Noland took audience questions on South Korea and John Williamson on Brazil.

The Institute held its inaugural Trillion Dollar Club meeting September 23, 2008.

Event Materials

Presentation: The Crisis and the Trillion Dollar Club: An Overview [pdf]
Arvind Subramanian

Presentation: Mexico: Good Macro News, Difficult External Conditions, Bad Micro News [pdf]
Gary Clyde Hufbauer and Barbara Kotschwar

Presentation: China and the Global Crisis [pdf]
Nicholas R. Lardy