I feel like I’m repeating myself here. GDP in Madagascar declined by 3% during the time in question. That’s a pretty big decline in a very short amount of time.

I feel like I’m repeating myself here. GDP in Madagascar declined by 3% during the time in question. That’s a pretty big decline in a very short amount of time. During the GFC, GDP in the US contracted by 4.2% over two years, for reference. Are you implying that that a 3% decline is not a crash? I’d like to point out that we already have evidence this happened. The WSJ reported on it at the time, and the WSJ is a credible institution. In this thread, we have someone rejecting this event using cherry picked data to fit their narrative, but their interpretation doesn’t hold up under scrutiny. Not to appeal to authority too much, but given the choice between a write up in the WSJ or some random commenter’s “smell test” decades later, I’m going with WSJ.