The early 2000s recession mainly affected developed countries between 2000-2001 and the United States from 2002-2003. While some economists disagree on whether it was officially a recession, it was a decline in economic activity predicted by economists due to slowing growth in East Asia from the 1997 Asian financial crisis. The recession was less severe than the previous two global recessions. The US economy was officially in recession from March-November 2001 according to the NBER.

1. 2000 Recession
The early 2000s recession was a decline in economic activity which mainly occurred in developed countries. The decline affect the European Union
throughout 2000 and 2001 and the United States during 2002 and 2003. The UK, Canada and Australia avoided the decline, while Russia, a nation that
did not experience affluence throughout the 1990s, in fact began to recover from said situation Japan's 1990s recession sustained. This recession was
predicted by economists, because the boom of the 1990s (accompanied by both low inflation and low employment) slowed in a few parts of East Asia
throughout the 1997 Asian financial crisis. The recession in manufacturing countries wasn't as momentous as either of the two preceding worldwide
recessions. Some economists in the United States object to characterize it as a recession since there were no two successive quarters of pessimistic
growth. After the comparatively placid...show more content...
economy in March 2001. A peak marks the closing stages of an development and the establishment of a recession. The fortitude of a peak date in
March is thus a fortitude that the development that began in March 1992ended in March 2001 and a recession began [1]. The extension lasted almost
10 years, the longest in the NBER's chronology . According to the National Bureau of Economic Research (NBER), which is the private, nonprofit,
nonpartisan union charged with determining economic recessions, the U.S. economy was in recession from March 2001 to November 2001 , a phase
of eight months at the establishment of President George W. Bush's term of office. However, economic conditions did not assure the common
shorthand definition of recession, which is "a fall of a country's real gross domestic product in two or more consecutive quarters," and has led to some
misunderstanding about the procedure for determining the opening and finale dates of a
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2. 2008 Recession
This research paper will shed light upon the global economic crisis of 2008, which lasted till 2009. While discussing the global economic crisis of
2008, this paper will highlight some important aspects including what exactly caused the global economic recession of 2008, how it is associated
with the recession that took place in 1930, how Saudi Arabia dealt with the global recession (2008) specifically and the impact of this recession on the
economy of Saudi Arabia. Furthermore, it will discuss how the whole world dealt with the global recession, whether it was working collectively or
individually and what alternative development strategies can Saudi Arabia pursue, while focusing mainly on Prince Mohammed bin Salman's Saudi
Vision 2030 and
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3. Great Recession
During the great recession era that began in late–2007 and lasted until mid–2009, the labor market took a major loss. The reasons that caused the labor
market to plummet during this time frame were due to unemployment, a decrease in income and lack of education. Despite the efforts from the
government to help as much as possible, the labor market had taken the worst hit and was at its lowest since the last three decades. It is important for
everyone to understand what a weak labor market can result in. In this paper, I will discuss these findings and what impact they had on the labor
market to weaken it to such a low point. Before entering into details about these findings, I would like to provide some information about the labor
market....show more content...
Unemployment, the decrease in income and lack of education are all correlated with one another and were the major things that weakened the labor
market during the great recession. The lack of education during this time resulted in many individuals to lose their jobs. Unemployment being at all
time high caused many individuals to go back to school so they could find jobs. When people were unemployed, their household income declined as
well. Inflation played a major role in unemployment; employers could not keep workers due to the cost of business going up, so they let go of the
workers that did not have an education or low skill
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