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Recently released data on GDP growth in the first quarter of 2009 underscore the severity of the global economic crisis. In most regions of the world, the pace of the downturn accelerated sharply during the first three months of the year, most notably in Western Europe and the new EU member States, Japan, and the economies in transition. Many large developing countries such as Mexico, South Africa, and Turkey have also fallen into deep recessions, largely owing to the collapse in demand for manufactured goods in developed economies. By contrast, some large Asian economies including China, India, and Indonesia reported relatively robust GDP growth in the first quarter, surpassing the expectations of most analysts. Economic activity in these countries continued to expand owing to large fiscal stimulus packages and resilience in domestic demand. While these better-than-expected performances during the first quarter of the year have raised hopes of an early recovery in parts of East and South Asia, other regions may need much longer to return to robust growth.