Great Recession

The Great Recession was a severe worldwide economic downturn that began in late 2007 and lasted until around 2009. It was triggered by the collapse of the housing market in the United States, where many people had borrowed excessively to buy homes they couldn’t afford. This led to a wave of mortgage defaults and failures of major financial institutions. As a result, consumer spending fell, businesses closed, and millions lost jobs. The recession caused widespread economic hardship and prompted governments to implement stimulus measures to stabilize economies and promote recovery. Its effects were felt globally and required years to overcome.