The Great Recession was a period of general economic decline observed in world markets between the late 2000s and early 2010s. The extent and timing of the recession varies from country to country. In terms of overall impact, the International Monetary Fund found that it was the worst global recession since the 1930s (during the Great Depression). The causes of the recession came largely from the United States, linked in particular to the real estate market, although the choices of other nations also contributed. According to the US National Bureau of Economic Research, the recession in the United States began in December 2007 and ended in June 2009, lasting over 19 months. The Great Recession was relevant to the 2007-2008 financial crisis and the United States. The Great Recession resulted in the scarcity of valuable goods in the market economy and the collapse of the financial sector, such as banks, in the world economy. The banks were then bailed out and bailed out by the government. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The recession was not felt uniformly across the world. While most of the world's developed economies, particularly in North America and Europe. Having fallen into a definitive recession, many of the newly developed economies have suffered much less impact, particularly China and India, whose economies grew substantially during this period. The Great Recession also refers to the economic collapse between 2008 and 2013. The recession began after the 2007 crisis. - The 2008 global credit crunch led to a prolonged period of low/negative growth and rising unemployment. In particular, the Great Recession highlighted problems within the Eurozone, which experienced a double-dip recession and high unemployment. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay The Great Recession Was the Worst Post Record Contraction of World War II. Gross domestic product began contracting in the third quarter of 2008, and in early 2009 began declining at an annualized rate not seen since the 1950s. Capital investment, which has been declining every year since the last quarter of 2006, in the first quarter of 2009 equaled the post-war record of 1957-58. The speed of the collapse in residential investment accelerated in the first quarter of 2009, falling by 23.2%. on an annual basis, almost four percentage points faster than in the previous quarter. Furthermore, domestic demand, declining for five consecutive quarters, was still just three months away from the 1974-1975 record, but the pace – down 2.6% per quarter from 1.9% in the previous period – it's record breaking. Already.