What are the key differences between the 2008 financial crisis and the current global recession?

What are the key differences between the 2008 financial crisis and the current global recession?

The 2008 financial crisis was primarily caused by the housing bubble and risky mortgage-backed securities, while the current recession is largely driven by supply chain disruptions and inflation due to the pandemic.

How did government responses differ in these two recessions?

In 2008, governments focused on bank bailouts and monetary policy, whereas the current response includes stimulus checks and direct support to individuals and businesses.

What are the long-term effects of these recessions on the economy?

Long-term effects of the 2008 crisis included stricter financial regulations, while the current recession may lead to changes in work patterns and increased digital transformation.

Can you explain how unemployment rates were affected in both cases?

In 2008, unemployment rose gradually, peaking at around 10%, while the current recession saw a sharp spike in unemployment rates due to immediate lockdowns.