Brief Chronology of Great Recession of 2007-8

Chronology of Great Recession of 2007-8Explanation 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

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