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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 effects of these events were also felt on the Shanghai Composite Index in China which lost 5.14 percent, most of this on financial stocks such as Ping An Insurance and China Life which lost 10 and 8.76 percent respectively. [36] Investors worried about the effect of a recession in the US economy would have on the Chinese economy.
Decline in external demand: For countries with strong export sectors, a decline in demand from major trading partners can trigger a recession. [50] Global spillover effects: Recessions in one part of the world can have spillover effects on other economies due to global interconnectedness.
Its stock markets have been among the world’s worst recently due to worries about a sluggish economic recovery and troubles in the property sector. The U.S. economy faces its own challenges.
Despite falling into a technical recession, Japan’s markets have remained buoyant, with the benchmark Nikkei 225 advancing 1.2% and closing above the 38,000 level for the first time since 1990.
The COVID-19 recession was a global economic recession caused by COVID-19 lockdowns. 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.
A recession means the UK economy has shrunk for two three-month periods - or quarters - in a row.
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.