True enough Warky, but many countries around the world were doing precisely that, regardless of being 'left wing' or 'right wing'. The Tories are borrowing more than Labour did, the difference being the Tories aren't spending it on public services.
The countries that did avoid the recession, like most of Africa, a few developing nations, and countries like Poland that had better financial regulations against the banking sector and were not part of the wider international financial system.
In my opinion, the worldwide recession happened because we paid the price for the whole 'spend now, pay later' economy, unchecked greed, and a rampant banking industry. It was those factors, not the ideology of a particular political party, that caused the Crash.