世界 せかい てき不況 ふきょうではありませんでした
sekaite ki fukyōdewārimasendeshita

Noun
Desu Copula

The polite, past negative form of 世界的不況

1. It was not the global recession.; It wasn't a global downturn.

Past/Perfective
Negative
Polite
Formal Register