Great Recession
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The Great Recession (2007–2012) was a period of general economic decline observed in world markets during the late 2000s and early 2010s. The scale and timing of the recession varied from country to country. In terms of overall impact, the International Monetary Fund concluded that it was the worst global recession since the 1930s (the Great Depression). The causes of the recession largely originated in the United States, particularly related to the real-estate market, though choices made by other nations contributed as well. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the recession, as experienced in that country, began in December 2007 and ended in June 2009, thus extending over 19 months. The Great Recession was related to the financial crisis of 2007–08 and U.S. subprime mortgage crisis of 2007–09. The Great Recession resulted in the scarcity of valuable assets in the market economy and the collapse of the financial sector (banks) in the world economy. The banks were then bailed out by the U.S. government.
The recession was not felt evenly around the world. Whereas most of the world's developed economies, particularly in North America and Europe (including Russia), fell into a definitive recession, many of the newer developed economies suffered far less impact, particularly China and India whose economies grew substantially during this period.
See also
- 2000s commodities boom
- Collateralized debt obligation
- Economic bubble
- Financial crisis of 2007–08
- Great Regression
- Savings and loan crisis
- Stock market crash
- Great Recession in the United States
