The Great Recession of 2008 refers to a global economic downturn that occurred between 2007 and 2009. It was characterized by a severe financial crisis, decline in housing markets, and high unemployment rates.
Related terms
Subprime Mortgage Crisis: This term refers to the collapse of housing markets due to banks offering loans to borrowers who were not creditworthy.
Financial Derivatives: These are complex financial instruments derived from underlying assets such as mortgages or bonds.
Bailout: A bailout is when the government provides funds or financial support to prevent an institution or industry from collapsing.