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Timeline of the Great Recession
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Timeline of the Great Recession
This article gives the timeline of the Great Recession, which hit many developed economies in the due to the 2008 financial crisis.
Note: The date indicated is that of the official announcement by the department or the public agency in charge of the measurement of the economic activity of the country. Thus, because of possible lags in the collection of statistics, it is possible that the chronological order of reports may not correspond to the actual order of events in recession.
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession.
It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009). Poland, then considered to be an emerging market country, also avoided the recession as a result of their strong domestic market, low private debt and flexible currency.
The table below displays all national recessions appearing in 2006–2013 (for the 71 countries with available data), according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on quarter, through minimum two consecutive quarters. Only 11 out of the 71 listed countries with quarterly GDP data (Poland, Slovakia, Moldova, India, China, South Korea, Indonesia, Australia, Uruguay, Colombia and Bolivia) escaped a recession in this time period.
The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.
One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009.
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Timeline of the Great Recession
This article gives the timeline of the Great Recession, which hit many developed economies in the due to the 2008 financial crisis.
Note: The date indicated is that of the official announcement by the department or the public agency in charge of the measurement of the economic activity of the country. Thus, because of possible lags in the collection of statistics, it is possible that the chronological order of reports may not correspond to the actual order of events in recession.
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession.
It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009). Poland, then considered to be an emerging market country, also avoided the recession as a result of their strong domestic market, low private debt and flexible currency.
The table below displays all national recessions appearing in 2006–2013 (for the 71 countries with available data), according to the common recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on quarter, through minimum two consecutive quarters. Only 11 out of the 71 listed countries with quarterly GDP data (Poland, Slovakia, Moldova, India, China, South Korea, Indonesia, Australia, Uruguay, Colombia and Bolivia) escaped a recession in this time period.
The few recessions appearing early in 2006–07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4 2007.
One year before the maximum, in Q1 2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2 2008, 39 in Q3 2008 and 53 in Q4 2008. At the steepest part of the Great Recession in Q1 2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2 2009, 13 in Q3 2009 and 11 in Q4 2009. One year after the maximum, in Q1 2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009.