Late-2000s Global Recession

A Late-2000s Global Recession is a global economic recession that took place between 2007 and 2009.

• AKA: The Great Recession of 2007-2009.
• Context:
  • It included:
    • The US Recession of Dec. 2007–Jun. 2009.
  • It can be attributed to a Financial Crisis of 2007-2008 (a banking crisis).
  • …
• Counter-Example(s):
  • The Great Depressions of the 1930s.
  • The Great COVID-19 Recession.
• See: The Stagflation of 1973-1975.

---

---

References

2020

• https://www.foreignaffairs.com/articles/united-states/2020-08-06/coronavirus-depression-global-economy
  • QUOTE: ... Although dubbed a “global financial crisis,” the downturn that began in 2008 was largely a banking crisis in 11 advanced economies. Supported by double-digit growth in China, high commodity prices, and lean balance sheets, emerging markets proved quite resilient to the turmoil of the last global crisis. …

2013

• http://en.wikipedia.org/wiki/Great_Recession
  • The Great Recession (also referred to as the Lesser Depression, the Long Recession, or the global recession of 2009) is a marked global economic decline that began in December 2007 and took a particularly sharp downward turn in September 2008. The initial phase of the ongoing crisis, which manifested as a liquidity crisis, can be dated from August 7, 2007, when BNP Paribas, citing a "complete evaporation of liquidity," terminated withdrawals from three hedge funds. The bursting of the U.S. housing bubble, which peaked in 2006, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.

    According to IMF's definition of a global recession, which is: A decline in annual per-capita real World GDP (purchasing power parity weighted), the Great Recession was characterized as such in 2009. This mean, that according to IMF it began as a national recession in United States in December 2007, but only met the criteria for being a global recession throughout the calendar year 2009. The IMF global recession definition unfortunately does not evaluate quarterly data, despite the fact that quarterly data are being utilized as recession definition criteria by the majority of IMF's country members. Published estimates of quarterly real World GDP, show a direct quarter on quarter decline during the three quarters from Q3-2008 until Q1-2009, which more accurately mark when the steepest part of the Great Recession took place at the global level.Template:Cn The exact start and end point for the Great Recession, greatly varied from country to country, and some countries did not experience any recession at all.

    The Great Recession affected the entire world economy, with greater detriment to some countries than others, but overall to a degree which made it the worst global recession since World War II. It was a major global recession characterised by various systemic imbalances, and was sparked by the outbreak of the U.S. subprime mortgage crisis and financial crisis of 2007–08. The economic side effects of the European sovereign debt crisis, austerity, high levels of household debt, trade imbalances, high unemployment, and limited prospects for global growth in 2013 and 2014, continue to provide obstacles for many countries to achieve a full recovery from the Great Recession.

2011

• (Brynjolfsson & McAfee, 2011) ⇒ Erik Brynjolfsson, and Andrew McAfee. (2011-10-17). “Race Against The Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy." Digital Frontier Press. Kindle Edition.
  • QUOTE:... The 117,000 new jobs weren't even enough to keep up with population growth, let alone reemploy any of the approximately 12 million Americans who had lost their jobs in the Great Recession of 2007-2009. …

2010

• http://en.wikipedia.org/wiki/Late-2000s_recession
  • The late-2000s recession, sometimes referred to as the Great Recession or Lesser Depression or Long Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world economy, with higher detriment in some countries than others. It is a major global recession characterized by various systemic imbalances and was sparked by the outbreak of the late-2000s financial crisis.

---