Turkey s unemployment rate is currently at its lowest point in a decade, and the public debt ratio is significantly below the pre crisis level.

Financial markets returned to their pre hoax level.

So yesterday s (pre crisis) world is being resurrected.

As Reinhart and I demonstrated, it typically takes an economy more than four years just to reach the same per capita income level that it had attained at its pre crisis peak.

Writing down former borrowers debt may be slightly more effective in producing the old pattern of demand, but it will probably not restore it to the pre crisis level.

By 1923, the extent of cultivated land surpassed the pre war level.

Emerging markets that approach the IMF early on for pre crisis financing will find shelter from the winds of global deleveraging, which in turn will help contain the spread of the crisis.

Following strong performance in 2010, Germany s GDP exceeded pre crisis levels by early 2011, a somewhat better achievement than that of the US.

The hope was that policy settings soon would return to pre crisis norms.

Investment flows have recovered, reaching the annual average for the years prior to the Asian crisis.

Thus, the Turkish economy returned to its pre crisis levels in 2010.

This crisis has demonstrated that the destinies of countries around the world are linked.

Once the current global crisis is over, nothing will ever be the same again.

In many advanced economies, real GDP remains lower than its pre crisis level.

The discussions before the crisis illustrated how little had been done to repair economic fundamentals.

Continuing to assume the resumption of pre crisis growth was necessary to justify postponing hard decisions.

In fact, while the world s central banks did not see the current crisis coming and did not take steps before 2007 to relieve the pressures that led to it, they did react decisively and energetically as the crisis unfolded, with coordinated international action.

By 2009, national income was twice what it was at the nadir of the crisis, in 2002, and more than 75 above its pre crisis peak.

DAVOS The World Economic Forum s annual meeting in Davos has lost some of its pre crisis panache.

Moreover, we do not even know whether these numbers are unusually high when compared to pre crisis trends.

With household consumption accounting for about 70 of the US economy, that 2.7 percentage point gap between pre crisis and post crisis trends has been enough to knock 1.9 percentage points off the post crisis trend in real GDP growth.

The fact that many Western economies got out of recession last year should not fool us into thinking that the crisis was only a brief interlude, and that the post crisis world can return to the pre crisis status quo.

Let s start with the US, the epicenter of the financial crisis, and still the most important economy in the world.

Prior to the crisis, there was plenty of talk, including high level meetings brokered by the International Monetary Fund, but only minimal action.

At the same time, while consumer confidence is on the mend, it remains well below pre crisis readings.

An additional preceding level called Kindergarten is now standard in most areas, and a further preceding level called Preschool education or Nursery school is not uncommon.

As a matter of good scientific practice, a significance level is chosen before data collection and is usually set to 0.05 (5 ).

Still, overall, business investment excluding construction has returned to 10 of GDP (from 10.6 before the crisis).

But the economic crisis has made it impossible to maintain a good life on borrowed money.

The idea is that if there is no adequate incentive to restructure once a crisis starts, it should be built in before the fact.

Equally interesting is the link that the study finds between income inequality and pre crisis economic policy.

BERLIN Just weeks ago, the worst of the financial crisis in Europe seemed to be over. Stability seemed to be returning.

The Post Crisis Crises

In short, it is because China began its adjustment one year before the global crisis that its economy emerged earlier than other countries.

Missing all of these signals produced the pre crisis illusion of sustainable growth and employment, and helps explain why the crisis, rather than its causes, is viewed as the culprit.

Of course, all these comparisons are made with how things stood last month rather than with the country s pre crisis economic performance.

But it was responsible for allowing flawed expectations of a sharp recovery to pre crisis levels of output and consumption to persist.

This implies that the pre crisis level of GDP simply was not sustainable, as it required capital inflows in excess of 20 of GDP to finance outsize consumption and construction booms.

Before the crisis, such ideas would have been dismissed out of hand.

The case against Bernanke rested partly on his performance before the crisis.

During this time, the magnitude of contraction will be significant, with roughly one quarter of all developing countries expected to cut expenditures below pre crisis levels.

Meanwhile, GDP in many European countries remains markedly below pre crisis levels.

Many advanced economies must still address the end of the pre crisis growth pattern generated by excessive domestic demand.

A transitory rebound from such a hard fall is not surprising, and German output remains below pre crisis levels.

Its current account surplus peaked, before the financial crisis of 2008, at around 11 of GDP.