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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 ...
World map showing real GDP growth rates for 2009 (countries in brown were in recession) Share in GDP of U.S. financial sector since 1860 [9] The crisis sparked the Great Recession, which, at the time, was the most severe global recession since the Great Depression.
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".
On January 22, the editorial board of The Christian Science Monitor wrote that the four largest U.S. banks "have lost half of their value since January 2." [13] The two-month period from January 1-February 27 represented the worst start to a year in the history of the S&P 500 with a drop in value of 18.62%.
The average numbers for European Union nations are similar to the US ones. Some European countries have been hit by recession very hard, for instance Spain's unemployment rate reached 18.7% (37% for youths) in May 2009 — the highest in the eurozone. [24] [25] In the UK, youths bore the brunt of unemployment during the recession. [26]
The subprime mortgage crisis and the bursting of other real estate bubbles around the world also led to recession in the U.S. and a number of other countries in late 2008 and 2009. Some economists argue that financial crises are caused by recessions instead of the other way around, and that even where a financial crisis is the initial shock ...
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).
The World Factbook, also known as the CIA World Factbook, [1] is a reference resource produced by the United States' Central Intelligence Agency (CIA) with almanac-style information about the countries of the world. The official print version is available from the Government Publishing Office.