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The Great Recession

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The Great Recession was a duration of general economic decline observed in world markets during the late 2000s and early 2010s. The extent of the recession and timing of the recession mixed from country to country. In terms of overall impact, the International Monetary Fund found that it was the worst global recession since the 1930s (during the Great Depression). The causes of the recession largely came from the United States, particularly related to the real-estate market, despite choices of other nations contributing as well. According to the United States National Bureau of Economic Research, the recession, in the united states, began in December 2007 and ended in June 2009, lasting over 19 months. The Great Recession was relevant to the financial crisis of 2007 – 2008 and United States. The Great Recession resulted in the rarity of valuable assets in the market economy and the collapse of the financial sector, such as banks, in the world economy. The banks were then bailed out and rescued by government.

The recession was not felt evenly around the world. Whereas most of the world’s developed economies, particularly in North America and Europe. They fell into a definitive recession, many of the newer developed economies suffered far less impact, particularly China and India whose economies grew substantially during this period.

The great recession also refers to the economic plunge between 2008 and 2013. The recession began after the 2007- 2008 global credit crunch and led to a lengthened period of low/negative growth and rising unemployment. In particular, the great recession displayed problems inside the Eurozone which experienced a double dip recession and high unemployment.

The great recession was the worst post World War two contraction on record. Gross Domestic Product began to contract in the third quarter of 2008, and by early 2009 was falling at an annualised speed which has not been seen since the 1950s. Capital investment, which was declining every year since the final quarter of 2006, matched the 1957–58 post war record in the first quarter of 2009. The speed of collapse in residential investment picked up pace in the first quarter of 2009, dropping 23.2% year-on-year, nearly four percentage points faster than in the previous quarter. Furthermore, domestic demand, which was in decline for five straight quarters, was still only three months shy of the 1974 – 1975 record, but the pace – down 2.6% per quarter vs. 1.9% in the earlier period – is a record-breaker already.

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