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Post-World War I recession: August 1918 – March 1919 7 months 3 years 8 months −24.5% −14.1% Severe hyperinflation in Europe took place over production in North America. This was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops.
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 Great Recession was a period of market decline in economies around the world that occurred in the late 2000s. The scale and timing of the recession varied from country to country (see map). [1][2] At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression.
Loaded 0%. U.S. economic output has contracted for the last two quarters, though a new report from economists at Bank of America (BofA) Global Research explains why this back-to-back drop in GDP ...
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, [ 1 ] excessive risk-taking by global financial institutions, [ 2 ] a continuous buildup of toxic assets within ...
Dot-com bubble (2000–2002) (US) Turkish economic crisis (2001) September 11 attacks (2001) Uruguay banking crisis (2002) Venezuelan general strike of 2002–03. Finance company collapses, 2006–2012 (New Zealand) 2007–2008 financial crisis. Great Recession (worldwide) 2000s energy crisis (2003–2009) oil price bubble.
In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." [4]The European Unionhas adopted a similar definition.
The recession began in most countries in February 2020. After a year of global economic slowdown that saw stagnation of economic growth and consumer activity, the COVID-19 lockdowns and other precautions taken in early 2020 drove the global economy into crisis. [1][2][3][4] Within seven months, every advanced economy had fallen to recession. [5 ...