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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".
It was the largest monthly drop since record keeping began in 1959. As a result, the country's gross domestic product reduced at a rate of 4.8 percent during the first quarter of 2020. [109] The largest economic stimulus legislation in American history, a $2 trillion package called the CARES Act, was signed into law on 27 March 2020. [110]
Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression; Panic of 1847, started as a collapse of British financial markets associated with the end of the 1840s railway industry boom; Panic of 1857, a U.S. recession with bank failures; Indian economic crash of 1865
While mending the underlying public health crisis that is driving the downturn could lead to a quicker recovery, scarring effects could worsen until that happens.
NEW YORK (AP) — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Both Japan and the United Kingdom said Thursday their economies likely ...
The labor market weakening that never arrived. The US economy lost more than 9 million jobs in 2020, the largest calendar-year decline on record, according to the Bureau of Labor Statistics. The ...
Shanghai Composite dropped to a four-year low, escalating their economic downturn since the 2015 recession. [37] [38] 2020 stock market crash: 24 Feb 2020: The S&P 500 index dropped 34%, 1145 points, at its peak of 3386 on 19 February to 2237 on 23 March. This crash was part of a worldwide recession caused by the COVID-19 lockdowns. [39] [40] [41]
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