The global economy experienced its deepest recession since WWII in late 2008 and early 2009, as evidenced by double-digit declines in GDP across major economies like the US, Japan, Germany, and South Africa. Exports also contracted sharply in countries like China and Brazil. The World Bank President called for increased financial aid to developing countries impacted by a crisis they did not cause, and emphasized that empowering developing economies and helping them pursue long-term prosperity should be the goal of development finance. Commodity prices significantly declined from recent highs, with oil falling over 60% and wheat dropping over 70%, while gold held steady and alternative energy sources like corn lost value.