This description focuses on the Great Recession, a period of economic decline that began in 2007 and lasted until 2009. During this time, the global economy experienced a sharp decline in economic activity, resulting in high unemployment, decreased consumer spending, and a decrease in global trade. The Great Recession was the
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The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009, overlapping with the closely related 2008 financial crisis. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression of the 1930s.