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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".
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 most recent recession to affect the United Kingdom was the 2020 recession [179] attributed to the COVID-19 global pandemic, the first recession since the Great Recession. United States [ edit ]
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 ...
Indeed, it's not an exaggeration to say it represented a tectonic shift in the global economic balance of power and set into motion a series of events which culminated in the Great Recession.
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]
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