What were the main effects of the Great Recession on the economy?

What were the main effects of the Great Recession on the economy?

The Great Recession led to significant job losses, a decline in consumer spending, and a housing market crash.

How did it affect unemployment rates?

Unemployment rates soared, peaking at around 10% in the U.S. during the recession, affecting millions.

What were the long-term consequences for businesses?

Many businesses closed, while others adapted by cutting costs and embracing technology to survive.

Did it have any impact on global economies?

Yes, the recession had a ripple effect, leading to economic downturns in many countries and affecting global trade.

What measures were taken to recover from it?

Governments implemented stimulus packages, monetary policy changes, and regulatory reforms to stabilize the economy.