Final answer:
In the late 1990s, China was the country that remained unaffected by the global economic slowdown. Other countries, including the United States, Japan, and those in Western Europe experienced financial crises and recessions, necessitating aggressive measures to stimulate their economies.Option B is the correct answer.
Step-by-step explanation:
In the late 1990s, most countries experienced a slowdown in the rapid growth of their economies. However, one country remained unaffected by this trend. The correct answer is B. China. While other global economies, including the United States, Western Europe, and Japan, were impacted by financial crises and recessions early in the second decade of the 2000s, China continued to demonstrate robust economic growth.
Since the early nineteenth century, the process of long-run economic growth has predominantly been seen in Western Europe and North America, with an average GDP per capita growth rate of about 2% per year. However, in the last half-century, countries like Japan, South Korea, and China have shown potential for rapid development, often referred to as modern economic growth, initiated by the Industrial Revolution.
The economies of East Asian countries such as China and Japan underwent growth periods after experiencing a decrease in global competition due to Europe's economic issues. Although China was not as heavily industrialized, it benefitted from the circumstances, unlike the other economies that struggled with high unemployment rates and required aggressive fiscal policies to stimulate their economies.