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A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession. It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009).
While the 2001 recession did not involve two consecutive quarters of decline, it was preceded by two quarters of alternating decline and weak growth. [180] Since then, the NBER has also declared a 2-month COVID-19 recession for February 2020 – April 2020. [183] NBER has sometimes declared a recession before a second quarter of GDP shrinkage ...
The recession in Japan intensified in the fourth quarter of 2008 with a GDP growth of −12.7%, [148] and deepened further in the first quarter of 2009 with a GDP growth of −15.2%. [ 149 ] Political instability related to the economic crisis
Economists had expected annualized GDP growth of 5.9% in the last quarter, up from 5% in last year's fourth quarter (September–December 2009). [13] The growth in the first quarter is the third straight quarter of economic expansion in Canada, coming on the heels of three consecutive quarters of contraction. [13]
1845–late 1846 recession — ~1 year ~2 years −5.9% — This recession was mild enough that it may have only been a slowdown in the growth cycle. One theory holds that this would have been a recession, except the United States began to gear up for the Mexican–American War, which began April 25, 1846. [16] 1847–1848 recession late 1847 ...
The recession officially ended in the second quarter of 2009, [3] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011. [80] Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II.
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
In 1953, growth began to slow in the third quarter and the economy shrank by 2.4 percent. In the fourth quarter, the economy shrank by 6.2 percent, and in the first quarter of 1954, it shrank by 2 percent before returning to growth. By the fourth quarter of 1954, the economy was growing at an 8 percent pace, well above the trend. Thus GDP ...