A look at the economy over the past four years doesn’t yield a very pretty picture. The 2008-2012 global recession, sometimes referred to as the late-2000s recession, Great Recession, the Lesser Depression, or the Long Recession, is a marked global economic decline that began in December 2007 and took a particularly sharp downturn in September 2008. This recession affected the entire world economy, with higher detriment occurring in some countries more than others. As a major global recession characterized by various systemic imbalances, it was sparked by the outbreak of the 2007-2009 global financial crisis. The economic side effects of the European sovereign debt crisis, accompanied with slowing U.S.
and Chinese growth, continues to provide obstacles to world economic growth.