Brief Chronology of Great Recession of 2007-8
Explanation of the outbreak of the Great Recession of 2007-8 in a chronological order is necessary in order to provide detailed information about the case study, and link discussions and analysis in following chapters to specific events within the chronology.
|
Date |
Event | |
| 2007 | AugustOctober
December |
Funds freezed by the US Federal ReserveRecord high at Dow Jones
Official start of the recession in the US |
| 2008 | MarchJuly
September
October
November |
Collapse of Bear SternsGDP fall of 0.6% confirmed Denmark as the first European economy to face recession
Record unemployment rate in the US during the last 5 years Takeover of Fannie Mae and Freddie Mac US President George Bush signs USD 700 billion bailout fund Singapore is the first Asian country to face recession with the economy shrinking 6.3% Hong Kong confirmed as the 2nd Asian country to face recession |
| 2009 | JanuaryFebruary
June |
GDP fall of 1.5% in 4thquarter of 2008, confirms the beginning of recession in the UKObama stimulus package signed
Issue of Greece’s budget deficit emerge |
| 2010 | JanuaryApril
October |
UK economy comes out of recession with a GDP growth of 0.1%Creation of 162,000 job in the UK
Greece and Ireland are bailed out in the EU as a result of adoption of austerity measures |
| 2011 | April
May |
Portugal asking for the EU help in dealing with its financesPlanning of a permanent rescue fund in EU by leaders of its members
The loss of US AAA credit rating Approval of EURO 78 billion bailout for Portugal by EU leaders |
Chronology of the Great Recession of 2007-8
Source: Roberts (2009), Heng (2010) and Hetzel (2012)
References
Heng, M.S. (2010) The Great Recession: History, Ideology, Hubris and Nemesis, World Scientific
Hetzel, R.L. (2012) The Great Recession: Market Failure or Policy Failure, Cambridge University Press
Roberts ,M. (2009) The Great Recession, Lulu Enterprises