global recession
International economic contraction
A global recession is a period when economic output declines across most of the world simultaneously.
Unlike a recession in a single country, it affects international trade, employment, and growth worldwide.
The term gained prominence during the 2008 financial crisis: The global recession wiped out trillions in wealth.
Economists debate exact thresholds, but synchronized contraction across major economies is the defining feature.
- slumpExtended period of decline
- economic downturnDecline in financial activity
- unemployment ratePercentage without jobs seeking work
- financial crisisSevere economic system breakdown
- housing crisisSevere lack of affordable dwellings
job losses · deflation · stimulus packages · stock market crash · bank failures · layoff · bailout · Great Depression · economic instability · credit crunch · hunger · bread lines · social unrest · fiscal deficit · political instability · consumer confidence · pawn · worry