How did the Great Recession impact the global economy?

What were the main causes of the Great Recession?

The Great Recession was primarily caused by the housing market collapse, risky financial practices, and high levels of debt.

How did it affect unemployment rates worldwide?

Unemployment rates soared globally, with many countries experiencing job losses and increased poverty levels.

What were the long-term effects on global trade?

The recession led to a decline in global trade, with many countries implementing protectionist measures to shield their economies.

Did any countries recover faster than others?

Yes, countries like Australia and Canada recovered relatively quickly due to strong banking systems and effective government policies.

What lessons were learned from the Great Recession?

Key lessons include the importance of financial regulation, the need for economic diversification, and the impact of global interconnectedness.