About the Video
Recessions can be painful, yet they all have this one thing in common
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โฌ๏ธ Timestamps:
0:00 โ Intro
1:41 โ (1) The Great Depression
5:34 โ (2) Recession of 1981 – 1982
7:45 โ (3) 1990 Global Financial Crisis
9:10 โ (4) Asian Financial Crisis
10:18 โ (5) The Dot-com Bubble (Early 2000s)
14:00 โ (6) The Great Recession (2007 – 2009)
17:10 โ (7) The COVID-19 Recession (2020)
18:52 โ Conclusion
Have you ever thought how many recessions you’ve actually lived through, and what actually happened in every one?
The Gen Z (those who are born after 1997) and some younger millennials (age range from 23 to 29) have experienced their first-ever recession as members of the workforce in 2020. Meanwhile, older generations have already experienced the 2008 Financial Crisis and will soon have to deal with the Covid-19 crisis a decade later.
Economists typically define a recession as occurring when the economy endures two or more consecutive quarters of a negative rate of growth in the gross domestic product (GDP). Some can last up to 22 years, while some can last up to 2 months.
So, having gone through the decades worth of recession history, I’ve learned that they are all a natural, though painful, part of the economic cycle – yet they are all different in their own ways. For more about the history of US recessions, check out the video!
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