Two senses of the word "recession" exist: one sense referring broadly to "a period of reduced economic activity" and ongoing hardship; and the more precise sense used in economics, which is defined operationally,

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The Great Recession met the IMF criteria for being a global recession only in the single calendar year 2009. That IMF definition requires a decline in annual real world GDP per‑capita. Despite the fact that quarterly data are being used as recession definition criteria by all

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Panel reports
The majority report provided by US Financial Crisis Inquiry Commission, composed of six Democratic and four Republican appointees, reported its findings in January 2011. It concluded that "the crisis was avoidable

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The table below displays all national recessions appearing in

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On February 26, 2009, an Economic Intelligence Briefing was added to the daily intelligence briefings prepared for the President of the United States. This addition reflects the assessment of U.S. intelligence agencies that the global financial crisis presents a

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The financial phase of the crisisled to emergency interventions in many national financial systems. As the crisis developed into genuine recession in many major economies, economic stimulus meant to revive economic growth became the most common policy tool. After

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Effects on the United States
The Great Recession had a significant economic and political impact on the United States. While the recession technically lasted from December 2007 – June 2009 (the nominal GDP trough), many important economic

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