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The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
[18] [19] [20] The Bureau of Economic Analysis, an independent federal agency that provides official macroeconomic and industry statistics, [21] says "the often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation" and that instead, "The designation of a recession is the ...
The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009. Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries ...
South Africa entered recession as the global crisis pounded demand for its main exports; GDP shrank 6.4% in the first quarter of 2009 after falling 1.8% in the last quarter of 2008. This is the first recession for South Africa in 17 years. According to forecasts, the South African domestic product is likely to shrink between 1% and 1.5% in 2009 ...
The COVID-19 recession was a major global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic.
January 6, 2009: Citi claimed that Singapore would experience "the most severe recession in Singapore's history" in 2009. In the end the economy grew in 2009 by 0.1% and in 2010 by 14.5%. [174] [175] [176] January 20–26, 2009: The 2009 Icelandic financial crisis protests intensified and the Icelandic government collapsed. [177]
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 .
Mall museums are a new global development resulting from the 2007-2010 global recession, where museums take over large spaces within shopping malls, making beneficial use of empty space, drawing shoppers, and leveraging the foot traffic of the malls to bring more people into museums, exhibits and other educational venues. [15]