Great Recession

American  

[greyt ri-sesh-uhn] / ˈgreɪt rɪˈsɛʃ ən /

noun

1. the period of economic contraction in the United States and other countries from December 2007 to June 2009 following the collapse of a housing bubble that precipitated a subprime mortgage crisis and subsequent systemwide turmoil in the investment banking sector.

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Example Sentences

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Great Recession

For those who have joined the workforce since the Great Recession, an economic downturn that lasted from late 2007 until mid-2009, financial insecurity has largely defined their economic experiences.

From Salon ● Jul. 26, 2026

Wage stagnation and the effects of the Great Recession are among the reasons cited by the researchers.

From Science Daily ● Jun. 14, 2026

He was a major architect of the Dodd-Frank Act, which created new regulatory bodies and tightened restrictions on banks in the wake of the 2008 Great Recession.

From BBC ● May 20, 2026

We know the government needs to support the economy during periods like the Great Recession and COVID, but then it needs to run some surpluses when times are good.

From MarketWatch ● Apr. 28, 2026

The Great Recession was now entering its third decade, and unemployment was still at a record high.

From "Ready Player One: A Novel" by Ernest Cline