Global economy and markets: The never-ending crisis. 2008–2012 global recession. This article is about the global economic downturn during the early 21st century.
For background on financial market events dating from 2007, see financial crisis of 2007–08. The Great Recession is a term used to describe the general economic decline observed in world markets around the end of the first decade of the 21st century. The exact scale and timing of the recession is debated and varied from country to country.[1][2] In terms of overall impact, the IMF concluded that it was the worst global recession since World War II.[3][4] The recession is often associated with the U.S. subprime mortgage crisis and financial crisis of 2007–08.
Terminology[edit] Youth unemployment crisis. What’s at stake: The global youth unemployment rate, which was already high before the start of the Great Recession, has reached skyrocketing levels in the past two years.
While youth unemployment rates have increased in almost all countries, there has been wide divergence in the size of this increase – often reflecting the country specific aspects of the transition from school to work. For most, if not all, a serious discussion about the potential “scarring effects” induced by such a situation appears, however, warranted if we want to avoid having one generation permanently bear the burden of this crisis. The youth unemployment bomb Peter Coy writes in a special Business Week report that the youth unemployment bomb is global.