The Great Recession Worldwide - Statistics & Facts
The Great Recession of 2008-2009 was a period of global economic contraction, precipitated by the financial crisis that swept Wall Street and the global financial system beginning in the Summer of 2007. While the causes of the crisis lay in the U.S. domestic economy, with the bursting of the U.S. housing bubble being the main trigger for financial panic, the interconnected nature of global finance meant that the crisis quickly spread around the world. In the following two years, many of the world's largest economies entered recession, with unemployment rates, delinquencies on loans, and bankruptcy rates all spiking. The crisis has had a number of lasting economic, political and social effects, including the Eurozone crisis of the 2010s, issues relating to political polarization and populism, as well as marking the emergence of China as a major player in the global economy.
