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The early 2000s recession was a major decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001. [1]
The entire economy of the European Union declined by 0.1 percent in the second quarter of 2008. [50] A European Commission forecast predicted Germany, Spain and the UK would all enter a recession by the end of the year while France and Italy would have flat growth in the third quarter following second quarter contractions. [51]
Iceland fell into an economic depression in 2008 following the collapse of its banking system (see 2008–2011 Icelandic financial crisis). By mid-2012 Iceland is regarded as one of Europe's recovery success stories largely as a result of a currency devaluation that has effectively reduced wages by 50%--making exports more competitive. [129]
The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States. The TED spread, an indicator of perceived credit risk in the general economy, increased significantly during the financial crisis. It spiked up in July 2007, remained volatile for ...
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The euro area crisis, often also referred to as the eurozone crisis, European debt crisis or European sovereign debt crisis, was a multi-year debt and financial crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s.
Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. [2] The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure.
A bank run on the Fourth National Bank No. 20 Nassau Street, New York City, from Frank Leslie's Illustrated Newspaper, 4 October 1873. The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain.