When the globalized economy, the economy of all countries, are in negative growth.
Depression
Economic 'Downturn' - 2010 was released on: USA: 28 June 2010 (TV premiere)
Recession
Recesscion
An economic downturn is often referred to as a recession, which is characterized by a decline in economic activity across the economy lasting more than a few months. This typically involves a decrease in GDP, rising unemployment, and a slowdown in consumer spending and investment. In more severe cases, it can lead to a depression, which is a prolonged period of economic downturn.
A severe continued economic downturn refers to a prolonged period of negative economic growth characterized by high unemployment rates, declining consumer spending, and reduced business investment. It often leads to widespread financial distress for individuals and businesses, resulting in bankruptcies and foreclosures. Such downturns can be triggered by factors like financial crises, global events, or significant policy failures, and they can have lasting impacts on economic recovery and stability.
recession
Recession
The eruption of Mount Tambora in 1815 led to a "year without a summer" in 1816, causing widespread crop failures, food shortages, and economic hardship in many parts of the world. The resulting global cooling led to reduced agricultural productivity and disrupted trade, contributing to a period of global economic downturn.
The Treaty of Versailles, signed in 1919, significantly contributed to the global economic slowdown in Germany after World War I. The treaty imposed heavy reparations on Germany, leading to economic strain and hyperinflation. This financial turmoil was exacerbated by political instability and social unrest, ultimately resulting in severe economic hardship for the German population and contributing to a broader global economic downturn during the 1920s.
They are facing the "World Economic Downturn".
The Present