History of recessions

Global recessions

There is no commonly accepted definition of a global recession, IMF regards periods when global growth is less than 3% to be global recessions.[26] The IMF estimates that global recessions seem to occur over a cycle lasting between 8 and 10 years. During what the IMF terms the past three global recessions of the last three decades, global per capita output growth was zero or negative.[27]

Economists at the International Monetary Fund (IMF) state that a global recession would take a slowdown in global growth to three percent or less. By this measure, three periods since 1985 qualify: 1990-1993, 1998 and 2001-2002.

United Kingdom recessions

List of recessions in the United Kingdom

United States recessions

According to economists, since 1854, the U.S. has encountered 32 cycles of expansions and contractions, with an average of 17 months of contraction and 38 months of expansion.[7] However, since 1980 there have been only eight periods of negative economic growth over one fiscal quarter or more[28], and four periods considered recessions:
July 1981-November 1982: 14 months
July 1990-March 1991: 8 months
March 2001-November 2001: 8 months
December 2007-current: current[29]
For the past three recessions, the NBER decision has approximately conformed with the definition involving two consecutive quarters of decline. However the 2001 recession did not involve two consecutive quarters of decline, it was preceded by two quarters of alternating decline and weak growth.[28]