236:
Ontario had a decline in employment in 1989) and there was a solid growth spurt (0.8%) in the first quarter of 1990. In April 1990, economic activity and employment both began substantial declines with the largest drops in real GDP, 1.2%, and employment, 1.1%, occurring in the first quarter of 1991. Both real GDP and employment bounced back in the second quarter of 1991, but then for a full year there was virtually no change in real GDP while employment levels continued to drop as most industries continued to cut output. Only in April 1992 did total employment begin to increase again with real GDP growing 0.4% thereby ending the recession. Technically, the moderate expansion in the second quarter of 1991 would qualify the contractions from April 1990 to March 1991 and July 1991 to April 1992 as two separate recessions, but the 1991 second quarter expansion was likely the result of pent up demand from the Gulf War and the introduction of the federal Goods and
Services Tax early in the year severely suppressing
305:
or longer. The early 1990s recession in Canada is classified as a
Category 4 recession, the same category as the early 1980s recession. Notably, the early 1990s recession did not have as deep a contraction as the early 1980s recession, but was of longer duration as it had four years of less than 2.3% growth in real GDP (1989–92), while the early 1980s recession only had two years of less than 2.3% growth (1980 and 1982), and only the early 1990s recession actually saw a decrease in GDP per capita, that being by $ 29 in 1991. Both recessions had high unemployment after the recessionary period had officially ended with unemployment rates of 12% and 11.4%, in 1983 and 1993, respectively. Other sources describe the early 1990s recession as "the deepest in Canada since the Great Depression of the 1930s" naming it "the Great Canadian Slump of 1990–92."
253:
Canada governor, that inflationary pressures in Canada were partly fueled by
Canadians having had a greater "inflation psychology" than Americans, that is a higher propensity to spend now in the belief the price for the same product will be substantially higher in short period of time. To reduce inflation, the Bank of Canada raised its prime rate from 10% in 1986 and 1987, to 12.25% at the start of 1989, peaking at 14.75% in June 1990, thereby prompting Canadians to reduce spending, reduce borrowing and begin saving sooner and more greatly than Americans. Particularly hard hit were Canada's real estate markets, the building industry, especially factory construction, and consumer confidence.
594:
275:
and materials, uncompetitive in international markets. Combined with Canada's manufacturing productivity at the time being among the lowest in the G7 (caused by a lack of investment in new equipment or in research and development) and the removal of certain protective tariffs through the 1989 Canada-US Free Trade
Agreement, this caused substantial job losses in the manufacturing sector with a significant number of manufacturers closing down or moving to the US, Mexico or the Caribbean.
257:
the target of 3%. This suggests the Bank of Canada's restrictive monetary policy overshot its target, suppressing GDP and employment growth in 1992 and 1993 in what would normally have been an economic recovery period. In fact, complex macro-economic modelling undertaken estimates that "excessive monetary restraint" of the Bank of Canada reduced real GDP growth by 1.5 percentage points in 1990, 2.9 percentage points in 1991 and 4.0 percentage points in 1993.
141:
640:
434:
244:
unemployment remaining at higher levels until early 1994, some sources assert the early 1990s recession lasted until
February 1994 in Canada, as the percentage of the working age population (15-64) being employed continued to decline until the following month. The slow growth in employment following the end of the GDP contraction in April 1992 right through until 1995, is referred to as a "jobless recovery".
203:
266:
1992, although if these tax increases had not been implemented the federal government's national debt would have increased a significant amount. A third, less important factor in Canada's recession was the weakness of the US economy at the time, which was calculated to have had the effect of reducing Canada's economic growth by .6, 2.2 and 1.1 percentage points in 1990, 1991 and 1992.
529:
36:
1832:
685:
in the United States may have been aided by growth in 1988. However, neither leader could hold on to power through the last part of the recession, being challenged by political opponents running on pledges to restore the economy to health. Bush initially enjoyed great popularity after the successful
349:
Recovery has been based on exports, after currency devaluation of 40% and reviving world economy share of exports as percentage of GDP has risen from 20% to 45%, and
Finland has been running consistent current account surpluses. Despite this impressive performance and strong growth mass unemployment
274:
An additional reason for the recession, especially it being deeper and longer in Canada than in the US, was the high value of the
Canadian dollar, as high as 86-cents American in 1991, which made Canada's export manufactured goods, such as automotive parts, textiles and intermediate industrial goods
243:
Overall real GDP growth for Canada was 2.3% for 1989, 0.16% for 1990, -2.09% for 1991, 0.90% for 1992, before increasing to 2.66% in 1993. The unemployment rate rose from 7.5% in 1989, to 10.3% in 1990, 10.3% in 1991, 11.2% in 1992, and 11.4% in 1993 before dropping to 10.3% in 1994. In fact, due to
235:
Canada's economy began to weaken in the second quarter of 1989 as sharp cutbacks in manufacturing output reduced real GDP growth to about 0.3% for each of the last three quarters of the year. Despite GDP growth being minimal, employment growth Canada-wide remained moderate throughout 1989 (although
304:
C.D, Howe
Institute's Business Cycle Council classifies Canada's recession according to their severity, with Category 4 recessions being the second highest after Category 5, which is a depression. It defines Category 4 recessions as having substantial declines in real GDP and employment for a year
265:
Another cause of Canada's recession were several tax increases instituted by the federal government between 1989 and 1991. These increases related to sales, excise and payroll taxes were modelled to have reduced real GDP growth by 1.6, 2.4 and 5.1 percentage points, respectively, in 1990, 1991 and
231:
Canada's economy is considered to have been in recession for two full years in the early 1990s, specifically from April 1990 to April 1992. Canada's recession began about four months before that of the US, and was deeper, likely because of higher inflationary pressures in Canada, which prompted the
488:
Despite several major economies showing quarterly detraction during 1989, the
British economy continued to grow until the third quarter of 1990. Economic growth was not re-established until early 1993, with the end of the recession being officially declared on 26 April that year. The Conservative
324:
Finland underwent severe economic depression in 1990–93. Badly managed financial deregulation of the 1980s, in particular removal of bank borrowing controls and liberation of foreign borrowing, combined with strong currency and a fixed exchange rate policy led to a foreign debt financed boom. Bank
295:
The early 1990s recession was notable for being substantially more negative for employment in
Ontario than the early 1980s recession; Ontario's percentage of total age 15-64 population employed began to decline early in 1989 and only began to grow again early in 1994, five years of decline with an
256:
Then in February 1991, the Bank of Canada and the Department of Finance announced their monetary policy would be governed by formal inflation targets, with a target of 3% for 1992. Inflation was contained to 4.8% in 1990, 5.6% in 1991 and then decreased to 1.5% in 1992 and 1.9 in 1993, well below
252:
A key cause of the recession in Canada was inflation and Bank of Canada's resulting monetary policy. The inflation rate in Canada had remained in the 4% range between 1984 and 1988, but began to rise again in 1989, averaging 5.0% that year. Gordon Thiesen, asserted in 2001 when he was the Bank of
409:
The weak economic climate resulted in significant increase in unemployment and public deficits. Reduced activity levels had a direct impact on public finances: social benefits grew 6.8% in 1993 whereas tax revenues only increased 2.4% despite increases in tax rates and charges throughout the year
384:
The recession officially starts at the end of 1992 and beginning of the 1993. It is a brief but important recession: GDP drops 0.5% in the last quarter of 1992 and 0.9% in the first quarter of 1993. The drop is amplified by weak exports figures as most of France's trading partners also entered
1836:
1441:
1332:
283:
The recession severely depressed job markets throughout the country unemployment rising from a low of 7.2% in October 1989, to a high of 12.1% in November 1992; it would take 10 years before unemployment recovered a 7.2% level (it was reached in October 1999). For instance, in
388:
Industry is vastly affected by the recession: output dropped 5.3% in volume in 1993 with a catastrophic first semester and a very limited recovery in the second. The construction industry is also affected by the recession with a 3.9% decrease in volume of output.
780:. In response to the recession, Douglas wanted to increase the pace of reform, whereas Lange sought to prevent further reform. Douglas resigned from Cabinet in 1988, but was re-appointed to Cabinet in 1989, prompting Lange to resign. Labour lost the
1902:
337:, which increased the private sector's foreign currency denominated debt burden. At the same time authorities tightened bank supervision and prudential regulation, lending dropped by 25% and asset prices halved. Combined with raising
345:
and a wave of bankruptcies. Credit losses mounted and a banking crisis inevitability followed. The number of companies went down by 15%, real GDP contracted about 14% and unemployment rose from 3% to nearly 20% in four years.
1895:
358:
France, just as the rest of continental Europe, entered recession later compared to economies of anglophone countries. The economic climate started to worsen in late 1989 (first in industry) in several phases:
399:
Investment from both households (residential investments) and enterprises decreased significantly (–4.4 and –6.8% respectively). For the latter early 1993 represents the trough of a slump started in 1990;
1888:
2806:
2811:
866:
In the United Kingdom, there was a significant wave of rioting at the height of the recession in 1991, with unemployment and social discontent being seen as major factors. Areas affected included
292:) unemployment affected 16.7% of the active population by December 1992 while the number of households relying on welfare increased from 88,000 to 102,000 between April 1990 and December 1992.
296:
8.2 percentage point drop. By contrast, in the early 1980s Ontario's employment percentage decline was shorter than Canada's as a whole and only had a 4.4 percentage point contraction.
2796:
1346:
2786:
1193:
1704:
2776:
2781:
2051:
1911:
2294:
1919:
698:" pledge made during his first campaign in 1988. Meanwhile, Mulroney became deeply unpopular in Canada after two failed constitutional reform attempts (the
363:
A progressive slowing of economic activity between late 1989 and Autumn 1990 due mostly to slowing exports (especially to depressed North American markets);
1232:
1797:
2654:
2601:
664:
135:
971:, which considers additional indicators beyond GDP growth and employment, classifies the recession to have begun in March 1990 and ended in March 1992.
2512:
1551:
2119:
670:
94:, the reduction of active companies by 15% and unemployment up to nearly 20% in Finland, civil disturbances in the United Kingdom and the growth of
79:
2124:
1915:
943:
765:
2222:
2217:
2212:
2206:
1814:
385:
recession at the end of 1992. On a yearly basis, GDP growth was limited to 1.5% in 1992 and –0.9% in 1993, the first negative figure since 1975.
1880:
1665:
2490:
2495:
2024:
1728:
1624:
736:, and future Prime Minister) referred to it as "the recession that Australia had to have". This quote became a cornerstone of the opposition
1858:
2743:
1350:
544:
490:
232:
Bank of Canada to raise interest rates to levels 5 to 6 percentage points higher than the corresponding rates in the US by early 1990.
2844:
2639:
723:
405:
Exports decreased (–0.4%) but not as much as imports (–3.1%) meaning that external trade contributed positively to GDP growth in 1993.
1197:
1172:
968:
781:
423:
319:
1594:
1781:
2485:
819:
804:
749:
748:. Unlike the opposition parties in North America, however, the Liberal Party failed to enter government (at least, not until the
741:
1092:
2703:
707:
691:
678:
411:
326:
144:
2437:
2839:
815:
811:
711:
810:
Weakened by the recession and corruption scandals, the Socialist Party suffered severe defeats in the 1992 local elections (
373:
A stand-by situation between mid 1991 and Autumn 1992 as the end of the War in the Gulf provided for some temporary relief;
2849:
2465:
2181:
2347:
1302:
2443:
2375:
1767:
2661:
1523:
646:
617:
2548:
2543:
2502:
101:
Primary factors believed to have led to the recession include the following: restrictive monetary policy enacted by
2718:
2693:
2470:
2257:
2175:
1396:
827:
785:
737:
695:
50:
1552:
https://web.archive.org/web/20081206133952/http://www.ek.fi/www/fi/talous/tietoa_Suomen_taloudesta/kuvat/tal42.pdf
710:(GST). He resigned as prime minister and party leader in 1993, and the Progressive Conservatives collapsed in the
2738:
2728:
2475:
867:
539:
1251:
2628:
2416:
1794:
800:
118:
105:, primarily in response to inflation concerns, the loss of consumer and business confidence as a result of the
2578:
2573:
2568:
1428:"Canadian Economic Observer: Historical Statistical Supplement: Table 7.1 — Interest rates and exchange rates"
1119:
Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months
2733:
2723:
2713:
2708:
2698:
2089:
928:
633:
114:
2410:
2242:
2480:
1555:
823:
796:
745:
733:
2666:
2596:
2591:
2585:
2196:
2165:
2063:
1365:
1276:
1065:
923:
914:. These were isolated communities devastated by poverty and unemployment, separated from urban centres.
847:
593:
2232:
2077:
1680:
703:
625:
534:
439:
151:
106:
1427:
215:
2331:
2186:
2094:
2046:
2014:
1995:
1485:
1114:
948:
1743:
1639:
2816:
2801:
2791:
2771:
2766:
2761:
2756:
2750:
2068:
2036:
1862:
1243:
182:
117:
and a slump in office construction resulting from overbuilding during the 1980s. The US economy
1456:
2537:
2531:
2525:
2131:
2104:
2041:
2029:
1990:
1959:
1566:
1138:
699:
682:
506:
494:
237:
87:
830:
right-wing coalition were returned to power with a massive majority of 449 seats out of 577.
2618:
2613:
2459:
2448:
2109:
2099:
2009:
1969:
1964:
1939:
1934:
1930:
687:
342:
1949:
1115:"Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months"
2687:
2677:
2427:
2368:
2363:
2357:
1801:
1579:
1378:
1078:
854:(which became the country's largest retailer in 1989) to outsell the traditional stalwart
843:
377:
95:
1602:
744:, designed to underscore alleged mismanagement of the national economy by the incumbent
140:
49:
Please expand the article to include this information. Further details may exist on the
1976:
1954:
875:
674:
639:
91:
433:
2833:
2404:
2398:
2389:
2383:
2325:
2316:
2307:
2289:
2278:
2266:
2236:
2058:
1413:
1057:
933:
839:
777:
621:
75:
1247:
1036:
1015:
333:
in 1991 led to a 70% drop in trade with Russia and eventually Finland was forced to
2148:
2141:
2136:
2005:
2000:
1944:
993:
899:
729:
586:
523:
502:
338:
330:
325:
borrowing increased at its peak over 100% a year and asset prices skyrocketed. The
147:
102:
83:
396:
Household consumption recorded its slowest increase in 30 years (+0.4% in volume);
211:
2558:
2114:
2073:
2019:
891:
773:
769:
761:
334:
1527:
1303:"Trends, Peaks, and Troughs: National and Regional Employment Cycles in Canada"
2342:
907:
883:
871:
628:
and reduced M2 money supply increases to tame the property asset bubble. The
498:
489:
government which had been in power continuously since 1979 managed to achieve
17:
376:
Another slump in late 1992 as external demand dries up and the aftermaths of
2153:
2084:
1985:
1981:
772:) in the recession led to deep policy divisions between the Prime Minister,
78:
in the early 1990s. The impacts of the recession contributed in part to the
822:(winning only 53 seats out of 577, its worst turnout until 2017) where the
501:
as prime minister in November 1990 helped fend off a strong challenge from
35:
528:
938:
895:
367:
285:
110:
90:. The recession also included the resignation of Canadian prime minister
799:
was elected to a second term on 8 May 1988 and his political party, the
911:
903:
851:
210:
Graphs are unavailable due to technical issues. There is more info on
887:
879:
629:
289:
47:
about the cause of the recession and economic performance statistics.
1739:
1676:
1635:
855:
638:
613:
527:
432:
160:
139:
694:
was particularly hampered by his 1990 decision to renege on his "
1414:"Canada Prime Rate History | Prime Rate vs. Overnight Rate"
1397:"Canada's Economic Future" What Have We Learned from the 1990s?"
616:
had loose monetary policy in the decades preceding, causing the
74:
describes the period of economic downturn affecting much of the
1884:
196:
29:
1664:Éric Chaney; Fabrice Lenseigne; Patrick Pétour (March 1994).
341:
and worldwide economic troubles, this led to a sharp drop of
1705:"En 1993, une récession comparable à celle prévue pour 2009"
764:, the recession came after the re-election of the reformist
1666:"Note de conjoncture de mars 1994 : Le creux du cycle"
1226:
1224:
1222:
1220:
1218:
1216:
1214:
1782:"The Lost Decade: Lessons from Japan's Real Estate Crisis"
1457:"27% de la population active de Montréal est sans travail"
690:, but this soon wore off as the recession worsened; his
1349:. The Conference Board of Canada. 2020. Archived from
1173:"Turning Points: Business Cycles in Canada Since 1926"
1296:
1294:
1292:
1290:
768:
government. The impact of economic reforms (known as
113:
and the subsequent decrease in defense spending, the
1833:"Police clash with rioting youths in England, Wales"
1277:"The Hard Times Are Even Harder North of the Border"
1166:
1164:
1162:
1160:
1158:
1156:
1154:
1152:
2676:
2612:
2557:
2511:
2426:
2341:
2288:
2195:
2164:
1623:Pollet, Pascale; Lollivier, Stéfan (January 1992).
1233:"The Sources of the Recession in Canada: 1989-1992"
1625:"1989-1991 : ralentissement dans l'industrie"
1390:
1388:
842:during the recession more people chose to shop at
597:Japan money supply and inflation (year over year)
414:rate was increased by 1.3 points on 1 July 1993).
392:All the composants of GDP were depressed in 1993:
270:High Value of Canadian Dollar and Low Productivity
1230:Wilson, Thomas, Dungan, Peter, and Murphy, Steve
1108:
1106:
366:A sudden slump in the latter part of 1990 as the
1815:"Gainesville Sun - Google News Archive Search"
1722:
1720:
1718:
1480:
1478:
1442:"Report for Selected Countries and 5.Subjects"
1896:
1310:The School of Policy Research Research Papers
8:
1333:"Report for Selected Countries and Subjects"
1770:. 26 April 1993 – via news.bbc.co.uk.
1903:
1889:
1881:
1401:Canadian Club of Toronto, January 22, 2001
1327:
1325:
1323:
665:Early 1990s recession in the United States
136:Early 1990s recession in the United States
807:in the National Assembly the next month.
679:successful presidential election campaign
1347:"How Canada Performs: Unemployment Rate"
1270:
1268:
1266:
1264:
1132:
1130:
1128:
592:
1504:"Canada and the Crisis of Capitalism".
1316:(21). University of Calgary. July 2013.
984:
960:
944:List of recessions in the United States
788:, who continued with Douglas' reforms.
643:Japan property prices (year over year)
226:Unemployment rate in Canada (1988–1994)
1768:"1993: Recession over - it's official"
1575:
1564:
1502:Gordon, Todd, and McCormack, Geoffrey
1374:
1363:
1300:Kneeboen, Ronald, and Gres, Margarita
1170:Cross, Philip, and Bergevin, Philippe
1074:
1063:
994:"What Caused the 1990-1991 Recession?"
493:after the replacement of long-serving
402:Inventory levels were reduced in 1993;
119:returned to 1980s level growth by 1993
1727:Magali Demotes-Mainard (April 1994).
7:
1194:"International Business Cycle Dates"
1093:"GDP growth (annual %) - Data"
706:) and the 1991 introduction of the
300:Comparison to early 1980s recession
279:Impact of recession on unemployment
2207:British credit crisis of 1772–1773
1729:"Les Comptes de la Nation en 1993"
1486:"Canada GDP Growth Rate 1961–2020"
724:Early 1990s recession in Australia
624:raised interest rates to cause an
25:
1920:Commonwealth of Nations countries
1455:Laberge, Yvon (4 December 1992).
1113:Statistics Canada (30 May 2018).
1004:: 33–48 – via ResearchGate.
969:Economic Cycle Research Institute
424:Sweden financial crisis 1990-1994
320:Early 1990s depression in Finland
98:in the United States and beyond.
201:
34:
1916:recessions in the United States
992:Walsh, Carl (1 February 1993).
776:, and the Minister of Finance,
412:Generalized Social Contribution
121:and global GDP growth by 1994.
80:1992 U.S. presidential election
1859:"A History of British Rioting"
370:amplified previous tendencies;
1:
1463:(in French). Montreal, Quebec
1058:"Real Gross Domestic Product"
712:election held later that year
545:Negative interest rate policy
248:Inflation and monetary policy
659:Canada and the United States
154:in late 1989 and early 1990
2662:1997 Asian financial crisis
2295:Civil War-era United States
647:Japanese asset price bubble
618:Japanese asset price bubble
175: 10 year minus 3 month
2866:
2438:Post–World War I recession
2258:Post-Napoleonic Depression
820:1993 legislative elections
721:
714:, winning only two seats.
696:Read my lips: no new taxes
662:
644:
584:
521:
421:
317:
169: 10 year minus 2 year
133:
2845:Aftermath of the Cold War
2348:2nd Industrial Revolution
2281:(1836–1838 and 1839–1843)
2197:1st Industrial Revolution
1965:Price-and-wage stickiness
1926:
1804:at australianpolitics.com
1800:26 September 2011 at the
1795:Paul Keating – Chronology
1143:The Canadian Encyclopedia
540:Zero interest-rate policy
491:re-election in April 1992
86:over incumbent president
2629:1990s United States boom
2417:Financial crisis of 1914
671:Progressive Conservative
350:has remained a problem.
2444:Depression of 1920–1921
2376:Depression of 1882–1885
2290:Early Victorian Britain
2025:Real and nominal values
1121:. Government of Canada.
929:Savings and loan crisis
803:, and its allies won a
740:'s campaign during the
654:Political ramifications
115:savings and loan crisis
2549:Recession of 1969–1970
2544:Recession of 1960–1961
2503:Recession of 1937–1938
1373:Cite journal requires
1073:Cite journal requires
784:by a landslide to the
782:1990 general elections
734:Treasurer of Australia
708:Goods and Services Tax
650:
632:following is known as
610:
590:
485:
240:in the first quarter.
186:
45:is missing information
2840:Early 1990s recession
2667:Early 2000s recession
2634:Early 1990s recession
2586:Early 1980s recession
2166:Commercial revolution
2064:Nominal interest rate
1274:Walsh, Mary Williams
1240:University of Toronto
1139:"Recession in Canada"
924:Early 1980s recession
642:
602: M2 money supply
596:
531:
437:United Kingdom bonds
436:
143:
72:early 1990s recession
2850:Stock market crashes
2233:Copper Panic of 1789
834:Influence on culture
805:very narrow majority
704:Charlottetown Accord
692:1992 re-election bid
626:inverted yield curve
535:Inverted yield curve
440:Inverted yield curve
181: 10 year minus
152:Inverted yield curve
107:1990 oil price shock
2569:1973–1975 recession
2513:Post–WWII expansion
2187:Great Frost of 1709
2015:Neutrality of money
1996:Classical dichotomy
1912:Economic expansions
1738:(in French) (309).
1711:. 19 December 2008.
1673:Note de Conjoncture
1645:on 15 February 2017
1561:on 6 December 2008.
1180:C.D. Howe Institute
949:Lost Decade (Japan)
797:François Mitterrand
2751:COVID-19 recession
2411:Panic of 1910–1911
2243:Panic of 1796–1797
2069:Real interest rate
2037:Economic expansion
1865:on 20 January 2012
1283:, 24 February 1991
1097:data.worldbank.org
1060:. 26 January 2018.
677:in Canada and the
651:
611:
591:
486:
187:
183:Federal funds rate
2827:
2826:
2538:Recession of 1958
2532:Recession of 1953
2526:Recession of 1949
2223:Thirteen Colonies
2030:Velocity of money
1960:Paradox of thrift
1574:Missing or empty
1395:Gordon Thiessen,
1281:Los Angeles Times
700:Meech Lake Accord
683:George H. W. Bush
542:starting in 1995
495:Margaret Thatcher
238:consumer spending
223:
222:
109:, the end of the
88:George H. W. Bush
68:
67:
27:Economic downturn
16:(Redirected from
2857:
2619:Great Regression
2614:Great Moderation
2460:Great Depression
2449:Roaring Twenties
1970:Underconsumption
1940:Effective demand
1931:Aggregate demand
1905:
1898:
1891:
1882:
1875:
1874:
1872:
1870:
1861:. Archived from
1855:
1849:
1848:
1846:
1844:
1835:. Archived from
1829:
1823:
1822:
1811:
1805:
1792:
1786:
1785:
1778:
1772:
1771:
1764:
1758:
1757:
1755:
1754:
1748:
1742:. Archived from
1733:
1724:
1713:
1712:
1701:
1695:
1694:
1692:
1691:
1685:
1679:. Archived from
1670:
1661:
1655:
1654:
1652:
1650:
1644:
1638:. Archived from
1629:
1620:
1614:
1613:
1611:
1610:
1601:. Archived from
1590:
1584:
1583:
1577:
1572:
1570:
1562:
1560:
1554:. Archived from
1545:
1539:
1538:
1536:
1535:
1526:. Archived from
1520:
1514:
1513:
1500:
1494:
1493:
1482:
1473:
1472:
1470:
1468:
1452:
1446:
1445:
1438:
1432:
1431:
1424:
1418:
1417:
1410:
1404:
1403:
1392:
1383:
1382:
1376:
1371:
1369:
1361:
1359:
1358:
1343:
1337:
1336:
1329:
1318:
1317:
1307:
1298:
1285:
1284:
1272:
1259:
1258:
1256:
1250:, archived from
1237:
1228:
1209:
1208:
1206:
1205:
1196:. Archived from
1190:
1184:
1183:
1177:
1168:
1147:
1146:
1134:
1123:
1122:
1110:
1101:
1100:
1089:
1083:
1082:
1076:
1071:
1069:
1061:
1054:
1048:
1047:
1041:
1033:
1027:
1026:
1020:
1012:
1006:
1005:
989:
972:
965:
760:In neighbouring
688:Persian Gulf War
607:
601:
581:
575:
569:
563:
557:
551:
547:started in 2014
482:
476:
470:
464:
458:
452:
446:
343:aggregate demand
205:
204:
197:
180:
174:
168:
158:
63:
60:
54:
38:
30:
21:
2865:
2864:
2860:
2859:
2858:
2856:
2855:
2854:
2830:
2829:
2828:
2823:
2688:Great Recession
2680:
2678:Information Age
2672:
2621:
2617:
2608:
2561:
2559:Great Inflation
2553:
2515:
2507:
2430:
2428:Interwar period
2422:
2358:Long Depression
2350:
2346:
2337:
2297:
2293:
2284:
2199:
2191:
2168:
2160:
2125:U.S. recessions
2120:U.K. recessions
2052:U.S. expansions
1922:
1909:
1879:
1878:
1868:
1866:
1857:
1856:
1852:
1842:
1840:
1839:on 25 July 2012
1831:
1830:
1826:
1819:news.google.com
1813:
1812:
1808:
1802:Wayback Machine
1793:
1789:
1780:
1779:
1775:
1766:
1765:
1761:
1752:
1750:
1746:
1731:
1726:
1725:
1716:
1703:
1702:
1698:
1689:
1687:
1683:
1668:
1663:
1662:
1658:
1648:
1646:
1642:
1627:
1622:
1621:
1617:
1608:
1606:
1595:"Labour Market"
1593:Tilastokeskus.
1592:
1591:
1587:
1573:
1563:
1558:
1547:
1546:
1542:
1533:
1531:
1522:
1521:
1517:
1503:
1501:
1497:
1490:macrotrends.net
1484:
1483:
1476:
1466:
1464:
1454:
1453:
1449:
1440:
1439:
1435:
1426:
1425:
1421:
1416:. 11 July 2023.
1412:
1411:
1407:
1394:
1393:
1386:
1372:
1362:
1356:
1354:
1345:
1344:
1340:
1331:
1330:
1321:
1305:
1301:
1299:
1288:
1275:
1273:
1262:
1257:on 2 March 2019
1254:
1235:
1231:
1229:
1212:
1203:
1201:
1192:
1191:
1187:
1175:
1171:
1169:
1150:
1137:
1136:Bonham, Mark S.
1135:
1126:
1112:
1111:
1104:
1091:
1090:
1086:
1072:
1062:
1056:
1055:
1051:
1039:
1035:
1034:
1030:
1018:
1014:
1013:
1009:
998:Economic Review
991:
990:
986:
981:
976:
975:
966:
962:
957:
920:
864:
844:discount stores
836:
801:Socialist Party
794:
758:
726:
720:
667:
661:
656:
649:
634:The Lost Decade
609:
608: Inflation
605:
603:
599:
589:
583:
579:
577:
573:
571:
567:
565:
561:
559:
555:
553:
549:
543:
538:
533:
526:
520:
515:
484:
480:
478:
474:
472:
468:
466:
462:
460:
456:
454:
450:
448:
444:
438:
431:
426:
420:
378:Black Wednesday
356:
322:
316:
311:
302:
281:
272:
263:
250:
229:
228:
227:
224:
219:
206:
202:
192:
185:
178:
176:
172:
170:
166:
164:
156:
150:
138:
132:
127:
96:discount stores
64:
58:
55:
48:
39:
28:
23:
22:
15:
12:
11:
5:
2863:
2861:
2853:
2852:
2847:
2842:
2832:
2831:
2825:
2824:
2822:
2821:
2820:
2819:
2814:
2809:
2807:United Kingdom
2804:
2799:
2794:
2789:
2784:
2779:
2774:
2769:
2764:
2759:
2748:
2747:
2746:
2741:
2739:United Kingdom
2736:
2731:
2726:
2721:
2716:
2711:
2706:
2701:
2696:
2684:
2682:
2681:(2007–present)
2674:
2673:
2671:
2670:
2664:
2659:
2658:
2657:
2652:
2650:United Kingdom
2647:
2642:
2631:
2625:
2623:
2610:
2609:
2607:
2606:
2605:
2604:
2599:
2597:United Kingdom
2594:
2583:
2582:
2581:
2576:
2574:United Kingdom
2565:
2563:
2555:
2554:
2552:
2551:
2546:
2541:
2535:
2529:
2523:
2519:
2517:
2509:
2508:
2506:
2505:
2500:
2499:
2498:
2493:
2491:United Kingdom
2488:
2483:
2478:
2473:
2468:
2457:
2454:
2451:
2446:
2441:
2434:
2432:
2424:
2423:
2421:
2420:
2414:
2408:
2402:
2396:
2393:
2387:
2381:
2378:
2373:
2372:
2371:
2366:
2364:United Kingdom
2354:
2352:
2339:
2338:
2336:
2335:
2329:
2323:
2320:
2314:
2311:
2305:
2301:
2299:
2286:
2285:
2283:
2282:
2276:
2273:
2270:
2264:
2261:
2255:
2252:
2249:
2246:
2240:
2230:
2227:
2226:
2225:
2220:
2215:
2203:
2201:
2193:
2192:
2190:
2189:
2184:
2179:
2172:
2170:
2162:
2161:
2159:
2158:
2157:
2156:
2146:
2145:
2144:
2139:
2129:
2128:
2127:
2122:
2117:
2112:
2107:
2102:
2097:
2092:
2082:
2081:
2080:
2071:
2066:
2056:
2055:
2054:
2049:
2044:
2034:
2033:
2032:
2027:
2022:
2017:
2012:
2003:
1998:
1993:
1979:
1977:Business cycle
1974:
1973:
1972:
1967:
1962:
1957:
1955:Overproduction
1952:
1947:
1942:
1927:
1924:
1923:
1910:
1908:
1907:
1900:
1893:
1885:
1877:
1876:
1850:
1824:
1806:
1787:
1773:
1759:
1736:Insee Première
1714:
1696:
1656:
1632:Insee Première
1615:
1585:
1540:
1515:
1512:(March/April).
1495:
1474:
1447:
1433:
1419:
1405:
1384:
1375:|journal=
1338:
1319:
1286:
1260:
1210:
1185:
1148:
1124:
1102:
1084:
1075:|journal=
1049:
1028:
1007:
983:
982:
980:
977:
974:
973:
959:
958:
956:
953:
952:
951:
946:
941:
936:
931:
926:
919:
916:
876:Blackbird Leys
863:
860:
846:. This caused
835:
832:
793:
790:
786:National Party
757:
754:
728:In Australia,
722:Main article:
719:
716:
675:Brian Mulroney
673:government of
663:Main article:
660:
657:
655:
652:
604:
598:
578:
572:
566:
560:
554:
548:
519:
516:
514:
511:
479:
473:
467:
461:
455:
449:
443:
430:
429:United Kingdom
427:
422:Main article:
419:
416:
407:
406:
403:
400:
397:
382:
381:
374:
371:
364:
355:
352:
318:Main article:
315:
312:
310:
309:Western Europe
307:
301:
298:
280:
277:
271:
268:
262:
259:
249:
246:
225:
221:
220:
209:
207:
200:
195:
194:
193:
191:
188:
177:
171:
165:
159: 30 year
155:
134:Main article:
131:
128:
126:
123:
92:Brian Mulroney
66:
65:
42:
40:
33:
26:
24:
18:1991 recession
14:
13:
10:
9:
6:
4:
3:
2:
2862:
2851:
2848:
2846:
2843:
2841:
2838:
2837:
2835:
2818:
2815:
2813:
2812:United States
2810:
2808:
2805:
2803:
2800:
2798:
2795:
2793:
2790:
2788:
2785:
2783:
2780:
2778:
2775:
2773:
2770:
2768:
2765:
2763:
2760:
2758:
2754:
2753:
2752:
2749:
2745:
2744:United States
2742:
2740:
2737:
2735:
2732:
2730:
2727:
2725:
2722:
2720:
2717:
2715:
2712:
2710:
2707:
2705:
2702:
2700:
2697:
2695:
2691:
2690:
2689:
2686:
2685:
2683:
2679:
2675:
2668:
2665:
2663:
2660:
2656:
2655:United States
2653:
2651:
2648:
2646:
2643:
2641:
2637:
2636:
2635:
2632:
2630:
2627:
2626:
2624:
2620:
2615:
2611:
2603:
2602:United States
2600:
2598:
2595:
2593:
2589:
2588:
2587:
2584:
2580:
2579:United States
2577:
2575:
2572:
2571:
2570:
2567:
2566:
2564:
2560:
2556:
2550:
2547:
2545:
2542:
2539:
2536:
2533:
2530:
2527:
2524:
2521:
2520:
2518:
2514:
2510:
2504:
2501:
2497:
2496:United States
2494:
2492:
2489:
2487:
2484:
2482:
2479:
2477:
2474:
2472:
2469:
2467:
2463:
2462:
2461:
2458:
2455:
2452:
2450:
2447:
2445:
2442:
2439:
2436:
2435:
2433:
2429:
2425:
2418:
2415:
2412:
2409:
2406:
2405:Panic of 1907
2403:
2400:
2399:Panic of 1901
2397:
2394:
2391:
2390:Panic of 1893
2388:
2385:
2384:Baring crisis
2382:
2379:
2377:
2374:
2370:
2369:United States
2367:
2365:
2361:
2360:
2359:
2356:
2355:
2353:
2349:
2344:
2340:
2333:
2330:
2327:
2326:Panic of 1866
2324:
2321:
2318:
2317:Panic of 1857
2315:
2312:
2309:
2308:Panic of 1847
2306:
2303:
2302:
2300:
2296:
2291:
2287:
2280:
2279:Panic of 1837
2277:
2274:
2271:
2268:
2267:Panic of 1825
2265:
2262:
2259:
2256:
2253:
2250:
2247:
2244:
2241:
2238:
2237:Panic of 1792
2234:
2231:
2228:
2224:
2221:
2219:
2216:
2214:
2210:
2209:
2208:
2205:
2204:
2202:
2198:
2194:
2188:
2185:
2183:
2182:Slump of 1706
2180:
2177:
2174:
2173:
2171:
2167:
2163:
2155:
2152:
2151:
2150:
2147:
2143:
2140:
2138:
2135:
2134:
2133:
2130:
2126:
2123:
2121:
2118:
2116:
2113:
2111:
2108:
2106:
2103:
2101:
2098:
2096:
2093:
2091:
2090:Balance sheet
2088:
2087:
2086:
2083:
2079:
2075:
2072:
2070:
2067:
2065:
2062:
2061:
2060:
2059:Interest rate
2057:
2053:
2050:
2048:
2045:
2043:
2040:
2039:
2038:
2035:
2031:
2028:
2026:
2023:
2021:
2018:
2016:
2013:
2011:
2007:
2004:
2002:
1999:
1997:
1994:
1992:
1989:
1988:
1987:
1983:
1980:
1978:
1975:
1971:
1968:
1966:
1963:
1961:
1958:
1956:
1953:
1951:
1948:
1946:
1943:
1941:
1938:
1937:
1936:
1932:
1929:
1928:
1925:
1921:
1917:
1913:
1906:
1901:
1899:
1894:
1892:
1887:
1886:
1883:
1864:
1860:
1854:
1851:
1838:
1834:
1828:
1825:
1820:
1816:
1810:
1807:
1803:
1799:
1796:
1791:
1788:
1783:
1777:
1774:
1769:
1763:
1760:
1749:on 2017-02-15
1745:
1741:
1737:
1730:
1723:
1721:
1719:
1715:
1710:
1706:
1700:
1697:
1686:on 2017-02-16
1682:
1678:
1675:(in French).
1674:
1667:
1660:
1657:
1641:
1637:
1634:(in French).
1633:
1626:
1619:
1616:
1605:on 2019-05-13
1604:
1600:
1596:
1589:
1586:
1581:
1568:
1557:
1553:
1550:
1544:
1541:
1530:on 2016-03-14
1529:
1525:
1519:
1516:
1511:
1507:
1499:
1496:
1491:
1487:
1481:
1479:
1475:
1462:
1458:
1451:
1448:
1443:
1437:
1434:
1429:
1423:
1420:
1415:
1409:
1406:
1402:
1398:
1391:
1389:
1385:
1380:
1367:
1353:on 2020-08-30
1352:
1348:
1342:
1339:
1334:
1328:
1326:
1324:
1320:
1315:
1311:
1304:
1297:
1295:
1293:
1291:
1287:
1282:
1278:
1271:
1269:
1267:
1265:
1261:
1253:
1249:
1245:
1241:
1234:
1227:
1225:
1223:
1221:
1219:
1217:
1215:
1211:
1200:on 2020-08-06
1199:
1195:
1189:
1186:
1181:
1174:
1167:
1165:
1163:
1161:
1159:
1157:
1155:
1153:
1149:
1144:
1140:
1133:
1131:
1129:
1125:
1120:
1116:
1109:
1107:
1103:
1098:
1094:
1088:
1085:
1080:
1067:
1059:
1053:
1050:
1045:
1038:
1032:
1029:
1024:
1017:
1011:
1008:
1003:
999:
995:
988:
985:
978:
970:
964:
961:
954:
950:
947:
945:
942:
940:
937:
935:
934:Credit crunch
932:
930:
927:
925:
922:
921:
917:
915:
913:
909:
905:
901:
897:
893:
889:
885:
881:
877:
873:
869:
861:
859:
857:
853:
849:
845:
841:
840:United States
833:
831:
829:
825:
821:
817:
813:
808:
806:
802:
798:
791:
789:
787:
783:
779:
778:Roger Douglas
775:
771:
767:
763:
755:
753:
751:
750:1996 election
747:
743:
742:1993 election
739:
738:Liberal Party
735:
731:
725:
717:
715:
713:
709:
705:
701:
697:
693:
689:
684:
680:
676:
672:
666:
658:
653:
648:
641:
637:
635:
631:
627:
623:
622:Bank of Japan
619:
615:
595:
588:
564: 10 year
558: 20 year
552: 30 year
546:
541:
536:
530:
525:
517:
513:Asian Pacific
512:
510:
508:
504:
500:
496:
492:
483: 1 month
477: 3 month
459: 10 year
453: 20 year
447: 50 year
441:
435:
428:
425:
417:
415:
413:
404:
401:
398:
395:
394:
393:
390:
386:
379:
375:
372:
369:
365:
362:
361:
360:
353:
351:
347:
344:
340:
336:
332:
328:
321:
313:
308:
306:
299:
297:
293:
291:
287:
278:
276:
269:
267:
261:Tax increases
260:
258:
254:
247:
245:
241:
239:
233:
217:
216:MediaWiki.org
213:
208:
199:
198:
189:
184:
162:
153:
149:
148:yield spreads
146:
142:
137:
130:United States
129:
125:North America
124:
122:
120:
116:
112:
108:
104:
103:central banks
99:
97:
93:
89:
85:
81:
77:
76:Western world
73:
62:
59:December 2017
52:
46:
43:This article
41:
37:
32:
31:
19:
2729:South Africa
2649:
2644:
2633:
2486:South Africa
2332:Black Friday
2149:Unemployment
2006:Money supply
2001:Disinflation
1945:General glut
1867:. Retrieved
1863:the original
1853:
1841:. Retrieved
1837:the original
1827:
1818:
1809:
1790:
1776:
1762:
1751:. Retrieved
1744:the original
1735:
1708:
1699:
1688:. Retrieved
1681:the original
1672:
1659:
1647:. Retrieved
1640:the original
1631:
1618:
1607:. Retrieved
1603:the original
1598:
1588:
1576:|title=
1556:the original
1548:
1543:
1532:. Retrieved
1528:the original
1518:
1509:
1505:
1498:
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2719:New Zealand
2692:2007–2009;
2638:1990–1991;
2622:(1982–2007)
2590:1980–1982;
2562:(1973–1982)
2540:(1957–1958)
2534:(1953–1954)
2528:(1948–1949)
2516:(1945–1973)
2481:New Zealand
2464:1929–1939;
2440:(1918–1919)
2431:(1918–1939)
2413:(1910–1912)
2407:(1907–1908)
2401:(1902–1904)
2392:(1893–1897)
2386:(1890–1891)
2362:1873–1879;
2351:(1870–1914)
2334:(1869–1870)
2328:(1865–1867)
2319:(1857–1858)
2310:(1847–1848)
2298:(1840–1870)
2269:(1825–1826)
2260:(1815–1821)
2245:(1796–1799)
2239:(1789–1793)
2211:1772–1774;
2200:(1760–1840)
2178:(1430–1490)
2176:Great Slump
2169:(1000–1760)
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2074:Yield curve
2020:Price level
1599:www.stat.fi
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756:New Zealand
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1690:2020-12-05
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884:Kates Hill
872:Birmingham
868:Handsworth
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585:See also:
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442:1988-1991
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1986:Inflation
1982:Deflation
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335:devaluate
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1567:cite web
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1037:"Report"
1016:"Report"
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918:See also
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812:regional
537:in 1990
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286:Montreal
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852:Walmart
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