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[[File:GDP_Real_Growth_in_2009.svg|thumb|305x305px|World map showing real GDP growth rates for 2009; countries in brown were in a recession.]] | [[File:GDP_Real_Growth_in_2009.svg|thumb|305x305px|World map showing real GDP growth rates for 2009; countries in brown were in a recession.]] | ||
The '''Great Recession''' was an economic crash between 2007 and 2008 due to the overleveraging of the world economy which was at the time centered around the US financial sector on Wall Street. | The '''Great Recession''' was an [[Economic crisis|economic crash]] between 2007 and 2008 due to the overleveraging of the world economy which was at the time centered around the [[United States of America|US]] financial sector on Wall Street. | ||
Due to [[socialism]] and [[Planned economy|central planning]], [[People's Republic of China|China]]'s economy was able to weather the financial storm and continue to grow in this time.<ref>{{News citation|author=Nake Kamrany|newspaper=Huffington Post|title=China's Rapid Recovery in the Great Recession of 2007 - 2009|date=2011-02-18|url=https://www.huffpost.com/entry/chinas-rapid-recovery-in-_b_825194}}</ref> Similarly, the [[USSR]] was able to weather the [[Great Depression]]. | |||
== References == | == References == | ||
<references /> | <references /> | ||
[[Category:Economic crises]] | [[Category:Economic crises]] | ||
Latest revision as of 20:45, 27 May 2023
The Great Recession was an economic crash between 2007 and 2008 due to the overleveraging of the world economy which was at the time centered around the US financial sector on Wall Street.
Due to socialism and central planning, China's economy was able to weather the financial storm and continue to grow in this time.[1] Similarly, the USSR was able to weather the Great Depression.
References[edit | edit source]
- ↑ Nake Kamrany (2011-02-18). "China's Rapid Recovery in the Great Recession of 2007 - 2009" Huffington Post.