Great Recession

The Great Recession is a term used to describe the general economic decline observed in world markets around the end of the first decade of the 21st century. The exact scale and timing of the recession is debated and varied from country to country. In terms of overall impact, the IMF concluded that it was the worst global recession since World War II. According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the U.S. recession began in December 2007 and ended in June 2009, and thus extended over 18 months. The Great Recession was related to the U.S. subprime mortgage crisis and financial crisis of 2007–08.

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