From the onset of the Global Financial Crisis in the Summer of 2007, the world economy experienced an almost unprecedented period of turmoil in which millions of people were made unemployed, businesses declared bankruptcy en masse, and structurally critical financial institutions failed. The crisis was triggered by the collapse of the U.S. housing market and subsequent losses by investment banks such as Bear Stearns, Lehman Brothers, and Merrill Lynch. These institutions, which had become over-leveraged with complex financial securities known as derivatives, were tied to each other through a web of financial contracts, meaning that the collapse of one investment bank could trigger the collapse of several others. As Lehman Brothers failed on September 15. 2008, becoming the largest bankruptcy in U.S. history, shockwaves were felt throughout the global financial system. The sudden stop of flows of credit worldwide caused a financial panic and sent most of the world's largest economies into a deep recession, later known as the Great Recession. The World Economy in recession
More than any other period in history, the world economy had become highly interconnected and interdependent over the period from the 1970s to 2007. As governments liberalized financial flows, banks and other financial institutions could take money in one country and invest it in another part of the globe. Financial institutions and other non-financial companies became multinational, meaning that they had subsidiaries and partners in many regions. All this meant that when Wall Street, the center of global finance in New York City, was shaken by bankruptcies and credit freezes in late 2007, other advanced economies did not need to wait long to feel the tremors. All of the G7 countries, the seven most economically advanced western-aligned countries, entered recession in 2008, before experiencing an even deeper trough in 2009. While all returned to growth by 2010, this was less stable in the countries of the Eurozone (Germany, France, Italy) over the following years due to the Eurozone crisis, as well as in Japan, which has had issues with low growth since the mid-1990s.

Due to increasing inflation rates, economic growth has been slow in several countries worldwide, and some risk falling into recession. When asked about this, 76 percent of respondents in South Korea believed that the country's economy had fallen into recession, and 75 percent of respondents in Turkey did the same. In fact, South Korea's gross domestic product (GDP) growth rate increased by 1.4 percent in the third quarter of 2023. Inflation increased rapidly around the world through 2022 and 2023, before it started falling in some countries in 2024.

Graph and download economic data for OECD based Recession Indicators for Four Big European Countries from the Period following the Peak through the Trough (4BIGEURORECD) from 1960-02-01 to 2022-08-31 about 4 Big European Countries, peak, trough, and recession indicators.

Graph and download economic data for OECD based Recession Indicators for Major Seven Countries from the Peak through the Trough (MSCRECM) from Feb 1960 to Aug 2022 about G7, peak, trough, and recession indicators.

The survey charted Finnish opinions on and knowledge of the country's development cooperation, its importance, content, objectives, and allocation. Some questions focused on the UN Millennium Development Goals. The respondents were asked what came to mind upon hearing the word development cooperation, how important they regarded development cooperation, and to what extent they agreed with a number of statements relating to development cooperation (e.g. "Rich countries have an obligation to help developing countries"). Views on the effectiveness of development cooperation were charted as well as its greatest challenge. Familiarity with the UN Millennium Development Goals and views on the most important goals were surveyed. Factual questions relating to the Millennium Development Goals surveyed the respondents' perceptions on, for instance, whether the number of people living in absolute poverty had increased or decreased since 1990, how many children in all developing countries were able to start school, and the percentage of people with access to clean water. Opinions on the most important goals, activities (e.g. education, health care, industry), and key geographical areas for Finnish development cooperation were charted. Factual knowledge was further charted by asking how much the respondents thought Finland was going to spend on development cooperation in 2014 (as percentage of the GNI and in euros), how many euros they thought Finnish farms had received in the form of agricultural subsidies in 2013, and how much Finland was going to spend on defence in 2014. The respondents were asked whether Finland should increase the amount of funding allocated to development cooperation in light of the current economic situation. Those who thought funding should be increased were asked how the increase should be financed (e.g. by cutting other state expenditure or by increasing tax revenue). Some questions pertained to whether there was enough information available on development cooperation, development policy and developing countries, from which information sources the respondents had received information on these topics and from which of them they would like to receive more, whether more information should be available on certain topics, and how reliable public authorities, voluntary/civic organisations and the media were as sources of such information. Views were surveyed on what the four most important forms of development cooperation are (e.g. bilateral, multilateral, cooperation through the EU) as well as how the respondents as individuals could best help developing countries. Finally, opinions on the importance of humanitarian aid were investigated. Background variables included, among others, the respondent's gender, age, economic activity and occupational status, marital status, economic activity and occupational status of the household head, household composition, ages of children living at home, education, gross annual income of the household, municipality size and type, major region (NUTS2) and region (NUTS3) of residence, type of accommodation, and Internet use.

As of 2019, Argentina was the country that spent the most time in economic recession in the Americas since 1950. Up to one third of the time since 1950, the Argentine economy was in contraction. In Venezuela, the percentage of time in recession amounted to 28 percent in the same period, whereas in the U.S. it represented around ten percent.

We show that a simple and intuitive three-parameter equation fits remarkably well the evolution of the gross domestic product (GDP) in current and constant dollars of many countries during times of recession and recovery. We then argue that this equation is the response function of the economy to isolated shocks, hence that it can be used to detect large and small shocks, including those which do not lead to a recession; we also discuss its predictive power. Finally, a two-sector toy model of recession and recovery illustrates how the severity and length of recession depends on the dynamics of transfer rate between the growing and failing parts of the economy.

OECD based Recession Indicators for Four Big European Countries from the Peak through the Trough was 0.00000 +1 or 0 in August of 2021, according to the United States Federal Reserve. Historically, OECD based Recession Indicators for Four Big European Countries from the Peak through the Trough reached a record high of 1.00000 in May of 1962 and a record low of 0.00000 in March of 1960. Trading Economics provides the current actual value, an historical data chart and related indicators for OECD based Recession Indicators for Four Big European Countries from the Peak through the Trough - last updated from the United States Federal Reserve on March of 2025.

Recession Experience by Country.

Haiti is expected to experience the worst economic recession in Latin America and the Caribbean in 2024. Haiti's gross domestic product (GDP) in 2024 is forecast to be 3 percent lower than the value registered in 2023, based on constant prices. Aside from Argentina, Haiti, and Puerto Rico, most economies in the region were likely to experience economic growth in 2024, most notably, Guyana.

Graph and download economic data for NBER based Recession Indicators for the United States from the Period following the Peak through the Trough (USREC) from Dec 1854 to Feb 2025 about peak, trough, recession indicators, and USA.

The 2010 (May - June) dataset contains a summary of the household responses as given by the head or partner of head to the interview team, using a single aide-memoire interview schedule with open-ended questions together with some quantitative questions. It covers the household situation in regard to poverty, hunger and the impact of the 2008 Global Economic Crisis on poor households and on their members from 2008-2009. Both text transcriptions of the recorded responses and the quantitative material are included in the dataset. Not all households in the sample completed all the questions. Twenty nine households with 14 at 'Swedenville' and 15 at 'Bergpoort' (Pseudo locations). The main respondent data set has 262 variables, 27 records. The household roster has 18 variables and 106 records. The merged dataset has 279 variables and 106 records.

In 2023, about 21.6 billion U.S. dollars' worth of commercial mortgage-based securities (CMBS) originations were issued in the United States. These are fixed income investment products which are backed by mortgages on commercial properties. The value of originations peaked in 2007 before the financial crisis at 241 billion U.S. dollars. Commercial mortgage delinquencies increased during the COVID-19 pandemic, especially in the hotel and retail sectors.

The gross domestic product (GDP) of all G7 countries decreased sharply in 2009 and 2020 due to the financial crisis and COVID-19 pandemic, respectively. The growth decline was heavier after the COVID-19 pandemic than the financial crisis. Moreover, Italy had a negative GDP growth rate in 2012 and 2013 following the euro crisis. In 2023, Germany experienced an economic recession.

Regression results by country: Explanatory variable is Gross National Income (GNI) per capita PPP-adjusted.

The year 2021 saw the peak in issuance of residential mortgage backed securities (MBS), at 3.7 trillion U.S. dollars. Since then, MBS issuance has slowed, reaching 1.1 trillion U.S. dollars in 2023. What are mortgage backed securities? A mortgage backed security is a financial instrument in which a group of mortgages are bundled together and sold to the investors. The idea is that the risk of these individual mortgages is pooled when they are packaged together. This is a sound investment policy, unless the foreclosure rate increases significantly in a short amount of time. Mortgage risk Since mortgages are loans backed by an asset, the house, the risk is often considered relatively low. However, the loan maturities are very long, sometimes decades, meaning lenders must factor in the risk of a shift in the economic climate. As such, interest rates on longer mortgages tend to be higher than on shorter loans. The ten-year treasury yield influences these rates, since it is a long-term rate that most investors accept as risk-free. Additionally, a drop in the value of homeowner equity could lead to a situation where the debtor is “underwater” and owes more than the home is worth.

The 1973-1975 recession marked the end of a remarkably prosperous period for developed economies. Apart from the United States, who experienced a brief recession in 1969-70, the other nations had enjoyed a period of uninterrupted growth in the 25 years leading up to this event. Japan in particular had the fastest growth of any major economy. This ended, however, following the 1973 oil crisis, which saw the member states of the OAPEC (Organization of Arab Petroleum Exporting Countries) place an embargo on the nations who supported Israel during the Yom Kippur War, particularly the U.S., who supplied arms to Israel. As a result, oil prices quadrupled in some periods; the U.S. and most of its major economic partners then went into recession due to their dependency on oil imports. Additional factors exacerbated the effects of the recession in each country, such as the miners' strike in the United Kingdom, or Nixon's unstable economic policies in the early 1970s. It was not until 1976 when the major OECD economies would come out of their recession, although real GDP growth rates would not return to the consistent highs experienced in the 1950s and 1960s. Additionally, while GDP growth resumed within a few years, inflation rates and unemployment rates generally remained higher going into the 1980s.

Using micro-data on six surveys–the Gallup World Poll 2005–2023, the U.S. Behavioral Risk Factor Surveillance System, 1993–2022, Eurobarometer 1991–2022, the UK Covid Social Survey Panel, 2020–2022, the European Social Survey 2002–2020 and the IPSOS Happiness Survey 2018–2023 –we show individuals’ reports of subjective wellbeing in Europe declined in the Great Recession of 2008/9 and during the Covid pandemic of 2020–2021 on most measures. They also declined in four countries bordering Ukraine after the Russian invasion in 2022. However, the movements are not large and are not apparent everywhere. We also used data from the European Commission’s Business and Consumer Surveys on people’s expectations of life in general, their financial situation and the economic and employment situation in the country. All of these dropped markedly in the Great Recession and during Covid, but bounced back quickly, as did firms’ expectations of the economy and the labor market. Neither the annual data from the United Nation’s Human Development Index (HDI) nor data used in the World Happiness Report from the Gallup World Poll shifted much in response to negative shocks. The HDI has been rising in the last decade reflecting overall improvements in economic and social wellbeing, captured in part by real earnings growth, although it fell slightly after 2020 as life expectancy dipped. This secular improvement is mirrored in life satisfaction which has been rising in the last decade. However, so too have negative affect in Europe and despair in the United States.

Due to the rising inflation rates worldwide in 2022, many consumers are of the opinion that we are entering a recession. This was most pronounced in the United Kingdom, where 61 percent of the respondents strongly or very much agreed with the statement that we are entering a recession as of September 2022. On the contrary, less than a quarter of the respondents in China were of the same opinion. In total, around half of the respondents worldwide believed that we are entering a recession.

n = 19759, Countries: Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, France, Germany, Great Britain, Hungary, Italy, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Sweden and Ukraine. The proportional odds assumption was violated for GNI growth (%), Wage Reduction, Education (all categories), and Social Class (middle).Weighted Partial Proportional Odds Model of Self-Rated Health, all countries.