... felt quickly and broadly. Industrial production and mer-chandise trade plummeted in the fourth quarter of 2008 and continued to fall rapidly in early 2009 across both advanced and emerg-ing ... Niger, Nigeria, Rwanda, Senegal, South Africa, Sudan, Tanzania, Uganda, and Zambia. Asia excluding China. Bulgaria, Croatia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Turkey. Argentina, ... economies, as purchases of investment goods and consumer durables such as autos and electronics were hit by credit disruptions and rising anxiety and inventories started to build rapidly (Figure...