Great Recession

World map showing real GDP growth rates for 2009; countries in brown were in a recession.
A bank run at a branch of the Northern Rock bank in Brighton, England, on September 14, 2007, amid speculation of problems, prior to its 2008 nationalisation.
U.S. residential and non-residential investment fell relative to GDP during the crisis
U.S. households and financial businesses significantly increased borrowing (leverage) in the years leading up to the crisis
US household debt relative to disposable income and GDP.
U.S. Changes in Household Debt as a percentage of GDP for 1989–2016. Homeowners paying down debt for 2009–2012 was a headwind to the recovery. Economist Carmen Reinhart explained that this behavior tends to slow recoveries from financial crises relative to typical recessions.
Housing price appreciation in selected countries, 2002–2008
Securitization markets were impaired during the crisis.
Several major U.S. economic variables had recovered from the 2007–2009 Subprime mortgage crisis and Great Recession by the 2013–2014 time period.
U.S. Real GDP – Contributions to Percent Change by Component 2007–2009
Public Debt to GDP Ratio for Selected European Countries – 2008 to 2011. Source Data: Eurostat
Relationship between fiscal tightening (austerity) in Eurozone countries with their GDP growth rate, 2008–2012
Slovenian anarchist anti-fascist protest due to the great recession.
Sydney's financial district at night. Throughout the Great Recession, the Australian economy remained resilient and stable.
The anti-austerity movement in Spain, May 2011
Federal Reserve Holdings of Treasury and Mortgage-Backed Securities
Bank bailouts in the United Kingdom and in the United States in proportion to their GDPs.

Period of marked general decline, i.e. a recession, observed in national economies globally that occurred between 2007 and 2009.

- Great Recession
World map showing real GDP growth rates for 2009; countries in brown were in a recession.

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South Korea

Country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea.

Country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea.

The name Korea is derived from Goguryeo, also known as Koryŏ, one of the Three Kingdoms of Korea.
Changdeok Palace, one of the Five Grand Palaces built during the Joseon Dynasty and another UNESCO World Heritage Site
The War Memorial of Korea, built in remembrance of the Korean War (1950–1953)
Between 1962 and 1994, the South Korean economy grew at an average of 10% annually, fueled by annual export growth of 20%, in a period called the Miracle on the Han River.
President Park Chung-hee played a pivotal role in rapidly developing South Korea's economy through export-oriented industrialization.
President Kim Dae-jung, the 2000 Nobel Peace Prize recipient for advancing democracy and human rights in South Korea and East Asia and for reconciliation with North Korea, was sometimes called the "Nelson Mandela of Asia."
South Korea became the first non-G7 chair of the G-20 when it hosted the 2010 Seoul summit.
Topography of South Korea
Jeju Island is a UNESCO World Heritage Site.
Cheonggyecheon river is a modern public recreation space in downtown Seoul.
Separation of powers and the election system of South Korea
The National Assembly of South Korea
Population pyramid of South Korea in 2021
Koreans in traditional dress
Seoul National University is considered to be the most prestigious university in South Korea.
KAIST main campus in Daejeon
Dialects of the Korean language
Buddha's Birthday celebration in Seoul
Development of life expectancy in North Korea and South Korea
Former Secretary-General of the United Nations (2007–2016), Ban Ki-moon
The Joint Security Area
North Korean leader Kim Jong-un and South Korean President Moon Jae-in shake hands inside the Peace House
South Korean president Moon Jae-in meets with Russian president Vladimir Putin
Liancourt Rocks have become an issue known as the Liancourt Rocks dispute.
President Moon Jae-in and U.S. President Joe Biden having lunch on 21 May 2021, on the Oval Office Patio of the White House
ROKN Sejong the Great, a King Sejong the Great -class guided-missile destroyer built by Hyundai Heavy Industries
The South Korean-developed K2 Black Panther, built by Hyundai Rotem
ROKAF FA-50, a supersonic combat aircraft developed by Korea Aerospace Industries
ROKS Dokdo, the lead ship of the, built by Hanjin Heavy Industries
Haeundae Beach in Busan
A 3D OLED TV made by Korean LG Display, the world's largest LCD and OLED maker
Naro-1 at the launch pad
Albert HUBO, developed by KAIST, can make expressive gestures with its five separate fingers.
A musician playing a gayageum
A blue and white porcelain peach-shaped water dropper from the Joseon Dynasty in the 18th century
Bulguksa, a UNESCO World Heritage Site
BTS, one of the most successful K-pop groups
Psy became an international sensation with "Gangnam Style" in 2012.
Seoul Sports Complex, Korea's largest integrated sports center
Sajik Baseball Stadium in Busan. Baseball is one of the most popular sports in South Korea.
Taekwondo, a Korean martial art and Olympic sport

Its economic growth rate reached 6.2 percent in 2010 (the fastest growth for eight years after significant growth by 7.2 percent in 2002), a sharp recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009 during the Great Recession.


Sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands.

Sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands.

Aboriginal rock art in the Kimberley region of Western Australia
Landing of James Cook at Botany Bay on 29 April 1770 to claim Australia's eastern half for Great Britain
Tasmania's Port Arthur penal settlement is one of eleven UNESCO World Heritage-listed Australian Convict Sites
The Big Picture, a painting by Tom Roberts, depicts the opening of the first Australian Parliament in 1901
The 1942 Bombing of Darwin, the first of over 100 Japanese air raids on Australia during World War II
Postwar migrants from Europe arriving in Australia in 1954
Topographic map of Australia. Dark green represents the lowest elevation and dark brown the highest
Heron Island, a coral cay in the southern Great Barrier Reef
Uluru in the semi-arid region of Central Australia
Basic geological regions of Australia, by age.
Köppen climate types of Australia.
The koala and the eucalyptus form an iconic Australian pair.
Parliament House, Canberra
A map of Australia's states and territories
Diplomatic missions of Australia
HMAS Canberra, a Canberra class landing helicopter dock, and HMAS Arunta, an Anzac-class frigate, sailing in formation
Australian energy resources and major export ports map
The Boddington Gold Mine in Western Australia is the nation's largest open cut mine.
Australia has one of the world's most highly urbanised populations with the majority living in metropolitan cities on the coast, such as Gold Coast, Queensland.
Australian residents by country of birth, 2016 census
Five Australian universities rank in the top 50 of the QS World University Rankings, including the Australian National University (19th).
The Royal Exhibition Building in Melbourne was the first building in Australia to be listed as a UNESCO World Heritage Site in 2004.
Sidney Nolan's Snake mural (1970), held at the Museum of Old and New Art in Hobart, Tasmania, is inspired by the Aboriginal creation myth of the Rainbow Serpent, as well as desert flowers in bloom after a drought.
Actor playing the bushranger Ned Kelly in The Story of the Kelly Gang (1906), the world's first feature-length narrative film
The meringue-based pavlova is generally eaten at Christmas time.
The Melbourne Cricket Ground is strongly associated with the history and development of cricket and Australian rules football, Australia's two most popular spectator sports.

Australia was the only advanced economy not to experience a recession due to the global financial downturn in 2008–2009.


Country in Central Europe.

Country in Central Europe.

A reconstruction of a Bronze Age, Lusatian culture settlement in Biskupin, 8th century BC
Poland under the rule of Mieszko I, whose acceptance of Christianity under the auspices of the Latin Church and the Baptism of Poland marked the beginning of statehood in 966.
Casimir III the Great is the only Polish king to receive the title of Great. He built extensively during his reign, and reformed the Polish army along with the country's legal code, 1333–70.
The Battle of Grunwald was fought against the German Order of Teutonic Knights, and resulted in a decisive victory for the Kingdom of Poland, 15 July 1410.
Wawel Castle in Kraków, seat of Polish kings from 1038 until the capital was moved to Warsaw in 1596.
King John III Sobieski defeated the Ottoman Turks at the Battle of Vienna on 12 September 1683.
Stanisław II Augustus, the last King of Poland, reigned from 1764 until his abdication on 25 November 1795.
The partitions of Poland, carried out by the Kingdom of Prussia (blue), the Russian Empire (brown), and the Austrian Habsburg Monarchy (green) in 1772, 1793 and 1795.
Chief of State Marshal Józef Piłsudski was a hero of the Polish independence campaign and the nation's premiere statesman from 1918 until his death on 12 May 1935.
Polish Army 7TP tanks on military manoeuvres shortly before the invasion of Poland in 1939
Pilots of the 303 Polish Fighter Squadron during the Battle of Britain, October 1940
Map of the Holocaust in German-occupied Poland with deportation routes and massacre sites. Major ghettos are marked with yellow stars. Nazi extermination camps are marked with white skulls in black squares. The border in 1941 between Nazi Germany and the Soviet Union is marked in red.
At High Noon, 4 June 1989 — political poster featuring Gary Cooper to encourage votes for the Solidarity party in the 1989 elections
Flowers in front of the Presidential Palace following the death of Poland's top government officials in a plane crash on 10 April 2010
Topographic map of Poland
Morskie Oko alpine lake in the Tatra Mountains. Poland has one of the highest densities of lakes in the world.
The wisent, one of Poland's national animals, is commonly found at the ancient and UNESCO-protected Białowieża Forest.
The Sejm is the lower house of the parliament of Poland.
The Constitution of 3 May adopted in 1791 was the first modern constitution in Europe.
The Ministry of Foreign Affairs, located in Warsaw
Polish Air Force F-16s, a single-engine multirole fighter aircraft
A Mercedes-Benz Sprinter patrol van belonging to the Polish State Police Service (Policja)
The Old City of Zamość is a UNESCO World Heritage Site.
PKP Intercity Pendolino at the Wrocław railway station
Physicist and chemist Maria Skłodowska-Curie was the first person to win two Nobel Prizes.
Nicolaus Copernicus, the 16th century Polish astronomer who formulated the heliocentric model of the solar system.
Population of Poland from 1900 to 2010 in millions of inhabitants
Dolina Jadwigi — a bilingual Polish-Kashubian road sign with the village name
John Paul II, born Karol Wojtyła, held the papacy between 1978-2005 and was the first Pole to become a Roman Catholic Pope.
Jagiellonian University in Kraków
The Polish White Eagle is Poland's enduring national and cultural symbol
All Saints' Day on 1 November is one of the most important public holidays in Poland.
Lady with an Ermine (1490) by Leonardo da Vinci. It symbolises Poland's cultural heritage and identity.
Selection of hearty traditional comfort food from Poland, including bigos, gołąbki, żurek, pierogi, placki ziemniaczane, and rye bread.
Traditional polonaise dresses, 1780–1785.
Andrzej Wajda, the recipient of an Honorary Oscar, the Palme d'Or, as well as Honorary Golden Lion and Golden Bear Awards.
Headquarters of the publicly funded national television network TVP in Warsaw
The Stadion Narodowy in Warsaw, home of the national football team, and one of the host stadiums of Euro 2012.

It was the only European economy to have avoided the recession of 2008.