The Great Recession spanned the late 2000s to the early 2010s and impacted individuals from all over the globe. The primary cause of the recession was a financial crisis in the United States which stemmed from the sharp decline in the real estate market from 2007 to 2008. Officially, the recession in the United States began in December 2007 and concluded in June 2019, marking a total length of approximately 19 months. Read on for facts about the Great Recession and the most important lessons we learned from it. You’ll find valuable tips on how to prepare for another economic downturn.
The Great Recession vs. The Great Depression
The Great Depression, which occurred during the 1930s, resulted in an unemployment rate of as high as 25 percent, along with a decline of approximately 10 percent of the gross domestic product.
While the Great Recession was a serious financial event that impacted hundreds of millions of people, most economists agree that it did not reach depression level. However, during the Great Recession, unemployment reached nearly 10 percent and the United States gross domestic product declined by 2.8 percent in 2009.