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The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. [1] The scale and timing of the recession varied from country to country (see map).
In the United States, the Great Recession was a severe financial crisis combined with a deep recession. While the recession officially lasted from December 2007 to June 2009, it took many years for the economy to recover to pre-crisis levels of employment and output.
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).
Recessions. Many factors directly and indirectly serve as the causes of the Great Recession that started in 2008 with the US subprime mortgage crisis.The major causes of the initial subprime mortgage crisis and the following recession include lax lending standards contributing to the real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non ...
The National Bureau of Economic Research, the arbiter of when recessions begin and end, has reported that the Great Recession ended June 2009. In a report released Monday, the NBER's Business ...
Combined, the initiatives, coupled with actions taken in other countries, ended the worst of the Great Recession by mid-2009. Assessments of the crisis's impact in the U.S. vary, but suggest that some 8.7 million jobs were lost, causing unemployment to rise from 5 percent in 2007 to a high of 10 percent in October 2009.
The Great Recession began in December 2007. That's when the official scorekeepers at the National Bureau of Economic Research said it began, anyway. It "officially" ended in June 2009, but ...
Although the Great Recession officially ended in June 2009, the strength and sustainability of the recovery is still in question. While the statistical pulse of the economy -- GDP, industrial ...