TIMING |
YEARS |
No Of YEARS |
FORCES DRIVING RECESSION |
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Great Depression |
1929–1939 |
10 |
Stock markets crashed worldwide, and a banking collapse took place in the United States. This sparked a global downturn, including a second severe recession. (The Recession of 1937 is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century). |
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Recession of 1953 |
1953–1954 |
1 |
After a post-Korean War inflationary period, more funds were transferred into national security. The Federal Reserve changed monetary policy to be more restrictive in 1952 due to fears of further inflation. |
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|
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Recession of 1957 |
1957–1958 |
1 |
Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959. |
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Recession of 1960-1 |
1960–1961 |
1 |
After President Kennedy's 30 January 1961 call for increased government spending to improve the Gross National Product and to reduce unemployment, the 1960-61 recession ended in February.[25] |
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1973 oil crisis |
1973–1975 |
2 |
A quadrupling of oil prices by OPEC coupled with high government spending due to the Vietnam War led to stagflation in the United States. |
(1973–1974 stock market crash) |
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Early 1980s recession |
1980–1982 |
2 |
The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices to go up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation that was carried over from the previous decade due to the 1973 oil crisis and the 1979 energy crisis. |
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Early 1990s recession |
1990–1991 |
1 |
Industrial production and manufacturing-trade sales increased in early 1991. |
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Early 2000s recession |
2001 to ????? |
Varies from
1 to 6+ years |
The collapse of the dot-com bubble, the September 11th attacks, and accounting scandals contributed to a relatively mild contraction in the North American economy. |
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Late 2000s recession |
Dec 2007
to -current |
Forecast -
3 years |
The collapse of the housing market led to bank collapses in the US and Europe, causing the amount of available credit to be sharply curtailed, resulting in a massive liquidity crisis. In addition, high oil prices, stock markets crashed worldwide, and a banking collapse took place in the United States, the DOW also went down 777 points and has mostly been going down since. |
