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The Great Recession was a period of market decline in economies around the world that occurred in 2007 to 2009. The scale and timing of the recession varied from country to country (see map). [1][2] At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression.
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output. This slow recovery was due in part to households and financial institutions ...
In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. [1][2] Recessions generally occur when there is a widespread drop in spending (an adverse demand shock).
Recession Period. Start. End. Time Elapsed Total. The Great Depression–Late ’20’s and Early ’30’s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 ...
From 1879 to 1882, there had been a boom in railroad construction which came to an end, resulting in a decline in both railroad construction and in related industries, particularly iron and steel. [25] A major economic event during the recession was the Panic of 1884. 1887–1888 recession. March 1887 – April 1888.
Recessions. Many factors directly and indirectly serve as the causes of the Great Recession that started in 2008 with the US subprime mortgage crisis.The major causes of the initial subprime mortgage crisis and the following recession include lax lending standards contributing to the real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non ...
The Great Recession was the worst post-World War II contraction on record: [1]Real gross domestic product (GDP) began contracting in the third quarter of 2008, and by early 2009 was falling at an annualized pace not seen since the 1950s.
Background. Throughout 1989 and 1990, the economy was weakening as a result of restrictive monetary policy enacted by the Federal Reserve. At the time, the stated policy of the Fed was to reduce inflation, a process which limited economic expansion. The immediate cause of the recession was a loss of consumer and business confidence as a result ...