Yang J asked:


The contexts from The Economics is:
One of the ironies of this downturn is that it was caused by global housing and credit busts, and yet the economies that have suffered most, such as Germany and Japan, sat out the credit boom. Even in Europe some sinners have faired better than saints, in GDP terms at least. As painful as Spain’s construction bust is, in terms of lost jobs and evaporating tax revenues, its economy has contracted less and more slowly than Germany’s.

I am English and Economics learner, Could you please give me a explanation. Thank you so much!!