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The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [1] [2] [3] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis.
Following the October 6, 1979 meeting of the Federal Open Market Committee, the federal funds rate increased gradually from 11.5% to an eventual peak of 17.6% in April 1980. [6] This caused an economic recession beginning in January 1980, and in March 1980, president Jimmy Carter created his own plan for credit controls and budget cuts to beat ...
This weakened but did not stop growth, but some combination of the subsequent 1990 oil price shock, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession. [70] [71] [72] Early 2000s recession: March 2001 – November 2001 8 months 10 years 6.3% (June 2003) −0.3%
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The Early ’80’s Recession. July 1981. November 1982. 1 year, 4 months. ... The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression.
Unlike other nations, moreover, for New Zealand the effects of the October 1987 crash spilled over into its real economy, contributing to a prolonged recession. [72] The effects of the worldwide economic boom of the mid-1980s had been amplified in New Zealand by the relaxation of foreign exchange controls and a wave of banking deregulation.
The hyperinflation of the early 1980s provided a blueprint for the Fed's action today. To cool an overheated economy, the Fed raises interest rates and tightens the money supply. That causes ...
However, the Federal Reserve continued with restrictive monetary policy, limiting economic growth in the late 1980s. When the 1990 oil price shock hit in mid-1990, consumer spending contracted and the economy entered recession. Unlike the early 1980s recession, the recession beginning in 1990 was relatively mild. Some of the hardest hit cities ...