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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). [2][3] At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the ...
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression. Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble, excessive risk-taking ...
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 recession did not show up until 2009, but the recession already slowed down in 2008. The country had a positive growth of 1.5% in 2008 compared to a 3.3% in 2007, by 2009 the economy had shrunk by 6.5%, a percentage bigger than that of the 1994-1995 crisis [18] and the largest in almost eight decades and registering an inflation of 3.57% [19]
The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain[1][2] or the Great Spanish Depression, began in 2008 during the world 2007–2008 financial crisis. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for ...
First South American country to enter the recession. [81] June 9, 2009: Brazil; Brazil slipped into a recession in the first quarter of 2009. [82] June 11, 2009: Bulgaria; Bulgarian authorities declare the country is officially in recession after dropping 1.6% in the last quarter of 2008, followed by a 5% drop in the first quarter of 2009. [83]
Dow Jones Industrial Average Jan 2006 - Nov 2008. Beginning with bankruptcy of Lehman Brothers at midnight Monday, September 15, 2008, the financial crisis entered an acute phase marked by failures of prominent American and European banks and efforts by the American and European governments to rescue distressed financial institutions, in the United States by passage of the Emergency Economic ...
In the third quarter of 2008 the gross domestic product of Japan fell 0.4% following a 3.7% drop in the second quarter. Similar reports of recession level economic activity had been released previously by Hong Kong, Germany and the European Union. [23]