There have been 13 economic recessions since the Great Depression. They’ve usually been caused by things like wars, oil shocks, or financial crises. Recessions can be difficult times for businesses and consumers alike. But they’re also a natural part of economic cycles, and they eventually come to an end. Let’s take a look at two recent recessions in our country’s history:
The Great Recession 2007
The Great Recession saw a significant decline in activity throughout the economy that occurred between 2007 and 2009. According to economic research, the recession was caused by a combination of factors, including the bursting of the housing bubble, easy credit conditions, and high oil prices. This was one of the worst recessions since the Great Depression. Many people lost their jobs and homes, and the stock market experienced a significant drop.
World War 2 Recession
World War II brought about a sharp decrease in economic activity. This was due in part to the fact that many countries were focused on funding the war effort, and also because of the disruption caused by the conflict. After the war ended, the global economy experienced a period of rapid growth, known as the postwar boom.