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<span>U-shaped</span> </div> </a> <ul id="toc-U-shaped-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-W-shaped" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#W-shaped"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>W-shaped</span> </div> </a> <ul id="toc-W-shaped-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-L-shaped" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#L-shaped"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>L-shaped</span> </div> </a> <ul id="toc-L-shaped-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-K-shaped" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#K-shaped"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>K-shaped</span> </div> </a> <ul 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</ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc 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href="/wiki/Recession" title="Recession">recessions</a> and their subsequent recoveries. There is no specific academic theory or classification system for recession shapes; rather the terminology is used as an informal shorthand to characterize recessions and their recoveries.<sup id="cite_ref-TBM_1-0" class="reference"><a href="#cite_note-TBM-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The most commonly used terms are V-shaped (with variations of square-root shaped, and Nike-swoosh shaped), U-shaped, W-shaped (also known as a <b>double-dip</b> recession), and L-shaped recessions, with the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a> leading to the K-shaped recession (also known as a <b>two-stage</b> recession). The names derive from the shape the economic data – particularly <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a> – takes during the recession and recovery.<sup id="cite_ref-tc_2-0" class="reference"><a href="#cite_note-tc-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="V-shaped">V-shaped</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=1" title="Edit section: V-shaped"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1953_recession_in_US.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/1953_recession_in_US.jpg/220px-1953_recession_in_US.jpg" decoding="async" width="220" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/1953_recession_in_US.jpg/330px-1953_recession_in_US.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dc/1953_recession_in_US.jpg/440px-1953_recession_in_US.jpg 2x" data-file-width="474" data-file-height="361" /></a><figcaption>V-Shape: US <a href="/wiki/Recession_of_1953" title="Recession of 1953">1953 recession</a><br /><style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#4682B4; color:black;"> </span> Percent Change in Real GDP (annualized; seasonally adjusted)</span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#800000; color:white;"> </span> Average GDP growth 1947–2009</span><br />Source: <a href="/wiki/Bureau_of_Economic_Analysis" title="Bureau of Economic Analysis">BEA</a> </figcaption></figure> <p>In a V-shaped recession, the economy suffers a sharp but brief period of economic decline with a clearly defined trough, followed by a strong recovery. V-shapes are the normal shape for a recession, as the strength of the economic recovery is typically closely related to the severity of the preceding recession.<sup id="cite_ref-Macro_3-0" class="reference"><a href="#cite_note-Macro-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>An example of a V-shaped recession is the <a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> in the United States. In the early 1950s, the economy in the United States was growing, but because the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> expected inflation it raised interest rates, tipping the economy into recession. In 1953, growth began to slow in the third quarter and the economy shrank by 2.4 percent. In the fourth quarter, the economy shrank by 6.2 percent, and in the first quarter of 1954, it shrank by 2 percent before returning to growth. By the fourth quarter of 1954, the economy was growing at an 8 percent pace, well above the trend. Thus GDP growth for this recession formed a V-shape.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (September 2012)">citation needed</span></a></i>]</sup> </p><p>During the 2020 recession caused by the COVID-19 pandemic, where the left side of the V was particularly severe, some commentators expected that the recovery might not follow a full V-shape (i.e. right side equal to the drop from the left side), but would look more like a <a href="/wiki/Square_root_symbol" class="mw-redirect" title="Square root symbol"><b>square-root</b> shape</a>, or a <b><a href="/wiki/Swoosh" title="Swoosh">Nike-swoosh</a></b> shape (square-root but with an upward trending right arm).<sup id="cite_ref-WSJ4_4-0" class="reference"><a href="#cite_note-WSJ4-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> By August 2020, the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> was expecting a "bumpy" Nike-swoosh recovery.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="U-shaped">U-shaped</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=2" title="Edit section: U-shaped"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:1973-75_recession.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/1973-75_recession.jpg/220px-1973-75_recession.jpg" decoding="async" width="220" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a1/1973-75_recession.jpg/330px-1973-75_recession.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a1/1973-75_recession.jpg/440px-1973-75_recession.jpg 2x" data-file-width="484" data-file-height="292" /></a><figcaption>U-Shape: US <a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–75 recession</a><br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#4682B4; color:black;"> </span> Percent Change in Real GDP (annualized; seasonally adjusted)</span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#800000; color:white;"> </span> Average GDP growth 1947–2009</span><br />Source: <a href="/wiki/Bureau_of_Economic_Analysis" title="Bureau of Economic Analysis">BEA</a></figcaption></figure> <p>A U-shaped recession is longer than a V-shaped recession and has a less-clearly defined trough. GDP may shrink for several quarters, and only slowly return to trend growth. <a href="/wiki/Simon_Johnson_(economist)" title="Simon Johnson (economist)">Simon Johnson</a>, former chief economist for the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, says a U-shaped recession is like a bathtub: "You go in. You stay in. The sides are slippery. You know, maybe there's some bumpy stuff in the bottom, but you don't come out of the bathtub for a long time."<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/1973%E2%80%9375_recession" class="mw-redirect" title="1973–75 recession">1973–75 recession</a> in the United States can be considered a U-shaped recession. In early 1973, the economy began to shrink and continued to decline or have very low growth for nearly two years. After bumping along the bottom, the economy climbed back to recovery in 1975.<sup id="cite_ref-TBM_1-1" class="reference"><a href="#cite_note-TBM-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="W-shaped">W-shaped</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=3" title="Edit section: W-shaped"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Early-80s_recession.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Early-80s_recession.jpg/220px-Early-80s_recession.jpg" decoding="async" width="220" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Early-80s_recession.jpg/330px-Early-80s_recession.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Early-80s_recession.jpg/440px-Early-80s_recession.jpg 2x" data-file-width="483" data-file-height="364" /></a><figcaption>W-Shape: US <a href="/wiki/Early_1980s_recession" title="Early 1980s recession">1980–82 recession</a>.<br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#4682B4; color:black;"> </span> Percent Change in Real GDP (annualized; seasonally adjusted)</span>; <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#800000; color:white;"> </span> Average GDP growth 1947–2009</span><br />Source: <a href="/wiki/Bureau_of_Economic_Analysis" title="Bureau of Economic Analysis">BEA</a></figcaption></figure> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Treasury_Yield_Spreads.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Treasury_Yield_Spreads.webp/330px-Treasury_Yield_Spreads.webp.png" decoding="async" width="330" height="112" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Treasury_Yield_Spreads.webp/495px-Treasury_Yield_Spreads.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bb/Treasury_Yield_Spreads.webp/660px-Treasury_Yield_Spreads.webp.png 2x" data-file-width="3878" data-file-height="1322" /></a><figcaption><a href="/wiki/United_States_Treasury_security" title="United States Treasury security">Treasury</a> <a href="/wiki/Yield_spread" title="Yield spread">yield spreads</a> <br /> <a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted yield curve</a> twice in a row in the late 1970s and early 1980s <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#0000FF solid 4px;"> </span> 30 year <a href="/wiki/Minus" class="mw-redirect" title="Minus">minus</a> 3 month</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#4A4A4A solid 3px;"> </span> 10 year minus 2 year</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#AA4643 solid 3px;"> </span> 10 year minus 3 month</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#89A54E solid 3px;"> </span> 10 year minus <a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a></div> </figcaption></figure> <p>In a W-shaped recession (also known as a double-dip recession), the economy falls into recession, recovers with a short period of growth, then falls back into recession before finally recovering, giving a "down up down up" pattern resembling the letter W. </p><p>The <a href="/wiki/Early_1980s_recession" title="Early 1980s recession">early 1980s recession</a> in the United States is cited as an example of a W-shaped recession. The <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a> considers two recessions to have occurred in the early 1980s.<sup id="cite_ref-NBER_7-0" class="reference"><a href="#cite_note-NBER-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The economy fell into recession from January 1980 to July 1980, shrinking at an 8 percent annual rate from April to June 1980. The economy then entered a quick period of growth, and in the first three months of 1981 grew at an 8.4 percent annual rate. As the Federal Reserve under <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> raised interest rates to fight inflation, the economy dipped back into recession (hence, the "double-dip") from July 1981 to November 1982. The economy then entered a period of mostly robust growth for the rest of the decade. </p><p>The European debt crisis in the early-2010s is another example of a W-shaped recession. A combination of government austerity, falling business investment, rising interest rates, global economic weakness, high energy prices, and weak <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a> after the Great Recession of 2008–2009 tipped many <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> countries into a second recession from 2011 to 2013. Countries affected included Italy, Spain, Portugal, France, Ireland, Germany and Cyprus. Greece, while part of the Eurozone, saw continuous economic contraction from 2007 to 2015, and thus does not fit the definition of a W-shaped recession, but rather an L-shaped recession. The United Kingdom is not a member of the Eurozone, but was a member of the <a href="/wiki/European_Union" title="European Union">European Union</a> until 2020 (<a href="/wiki/Brexit" title="Brexit">Brexit</a>), and suffered a minor W-shaped recession when GDP contracted in Q4 2011 and Q1 2012. </p> <div class="mw-heading mw-heading2"><h2 id="L-shaped">L-shaped</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=4" title="Edit section: L-shaped"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Japan%27s_asset_bubble.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Japan%27s_asset_bubble.jpg/220px-Japan%27s_asset_bubble.jpg" decoding="async" width="220" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Japan%27s_asset_bubble.jpg/330px-Japan%27s_asset_bubble.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Japan%27s_asset_bubble.jpg/440px-Japan%27s_asset_bubble.jpg 2x" data-file-width="484" data-file-height="292" /></a><figcaption>L-Shaped: <a href="/wiki/Lost_Decade_(Japan)" class="mw-redirect" title="Lost Decade (Japan)">Lost Decade in Japan</a>.<br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#4682B4; color:black;"> </span> Percent Change in Real GDP (annualized; seasonally adjusted)</span>; <br /><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><span class="legend nowrap"><span class="legend-color mw-no-invert" style="border: 1px solid #aaa;background-color:#800000; color:white;"> </span> Average GDP growth 1950–2000</span><br />Source: Penn World Tables</figcaption></figure> <p>An L-shaped recession or <a href="/wiki/Depression_(economics)" class="mw-redirect" title="Depression (economics)">depression</a> occurs when an economy has a severe recession and does not return to trend line growth<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> for many years, if ever. The steep decline, is followed by a flat line makes the shape of an L. This is the most severe of the different shapes of recession. Alternative terms for long periods of underperformance include "<a href="/wiki/Depression_(economics)" class="mw-redirect" title="Depression (economics)">depression</a>" and "<a href="/wiki/Lost_Decade_(Japan)" class="mw-redirect" title="Lost Decade (Japan)">lost decade</a>"; compare also "<a href="/wiki/Economic_malaise" class="mw-redirect" title="Economic malaise">malaise</a>". </p><p>A classic example of an L-shaped recession occurred in Japan following the bursting of the <a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> in 1990. From the end of World War II throughout the 1980s, Japan's economy was growing robustly. In the late 1980s, a massive <a href="/wiki/Economic_bubble" title="Economic bubble">asset-price bubble</a> developed in Japan. After the bubble burst the economy suffered from <a href="/wiki/Deflation" title="Deflation">deflation</a>, and experienced years of sluggish growth; never returning to the higher growth Japan experienced from 1950 to 1990. After the <a href="/wiki/Late-2000s_recession" class="mw-redirect" title="Late-2000s recession">late-2000s recession</a> in the United States followed a similar economic bubble (the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a>) some economists feared the U.S. economy could enter a prolonged period of low growth even after recovering from the recession.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> By 2013, however, U.S. GDP growth rebounded, allaying fears of stagnation. </p><p>The <a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a> of 2007–2016 could be considered an example of an L-shaped recession, as Greek GDP growth in 2017 was merely 1.6%. Greece technically suffered through four separate, but compounding, periods of contractions over the nine-year period. </p> <div class="mw-heading mw-heading2"><h2 id="K-shaped">K-shaped</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=5" title="Edit section: K-shaped"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A K-shaped recession (or two-stage recession), is where parts of society experiences more of a V-shaped recession, while other parts of society experience a slower more protracted L-shaped recession (the shape of the K denoting the divergence in the recovery paths).<sup id="cite_ref-tc_2-1" class="reference"><a href="#cite_note-tc-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The term arose from the economic recovery post the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, where central banks had used exceptional monetary tools to generate asset bubbles that protected the wealthier segments of society (i.e. asset-owning), from the financial effects of the pandemic.<sup id="cite_ref-tc_2-2" class="reference"><a href="#cite_note-tc-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-bb2_10-0" class="reference"><a href="#cite_note-bb2-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> K-shaped recoveries are controversial, and the 2020 K-shaped recovery in the United States led to levels of <a href="/wiki/Wealth_inequality" class="mw-redirect" title="Wealth inequality">wealth inequality</a> not seen since the 1920s.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In December 2020, <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a> called 2020, "... a great year for Wall Street, but a <a href="/wiki/Bear_market" class="mw-redirect" title="Bear market">bear market</a> for humans".<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> In January 2021, <a href="/wiki/Edward_Luce" title="Edward Luce">Edward Luce</a> of the <i>Financial Times</i> warned that <a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a>'s explicit use of asset bubbles in creating a K-shaped recovery, and the resultant widening of wealth inequality, could lead to political and social instability in the United States, saying: "The majority of people are suffering amid a Great Gatsby–style boom at the top".<sup id="cite_ref-FT9_15-0" class="reference"><a href="#cite_note-FT9-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The top 10 per cent of Americans own 84 percent of the country's shares. The top 1 percent own about half. The bottom half of Americans—the ones who have chiefly been on the frontline during the pandemic—say they own almost no stocks at all.</p><div class="templatequotecite">— <cite><i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i>, "America's Dangerous Reliance on the Fed" (January 2021)<sup id="cite_ref-FT9_15-1" class="reference"><a href="#cite_note-FT9-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <div class="mw-heading mw-heading2"><h2 id="Others">Others</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=6" title="Edit section: Others"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Inverted square root: Financier <a href="/wiki/George_Soros" title="George Soros">George Soros</a> said the 2009 recession could follow an "inverted <a href="/wiki/Square_root" title="Square root">square root</a> sign"–shaped recession. Soros explained to <a href="/wiki/Reuters" title="Reuters">Reuters</a> that this meant: "You hit bottom and you automatically rebound some (i.e. a spike), but then you don't come out of it in a V-shape recovery or anything like that. You settle down—step down".<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Soros actually meant reverse instead of "inverted" square root shape of economic recovery. A similar shape of recovery was observed during the COVID-19 pandemic induced economic crisis.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></li> <li>Normal square root: During the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, several commentators used the shape of a normal square root to describe a situation where the recovery would not be complete (as per a V-shaped recovery), but after an initial rise, would flatline for a period.<sup id="cite_ref-WSJ4_4-1" class="reference"><a href="#cite_note-WSJ4-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Glossary_of_shapes_with_metaphorical_names" title="Glossary of shapes with metaphorical names">Glossary of shapes with metaphorical names</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">List of recessions in the United States</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-TBM-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-TBM_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-TBM_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFMartha_C._White2009" class="citation news cs1">Martha C. White (January 12, 2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090122025031/http://www.thebigmoney.com/articles/explainer/2009/01/12/recession-was-brought-you-letters-u-v-and-l">"This Recession Was Brought to You by the Letters U, V and L"</a>. <i>The Big Money</i>. 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Retrieved <span class="nowrap">11 November</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Soros+says+U.S.+faces+%27lasting+slowdown%27&rft.date=2009-04-06&rft.aulast=Ablan&rft.aufirst=Jennifer&rft.au=Burns%2C+Daniel&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fousiv%2FidUSTRE53537D20090406&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARecession+shapes" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://fortune.com/2020/07/11/us-economic-recovery-reverse-square-root-symbol-wei-covid-19-coronavirus/">"Are we seeing a 'reverse square root' symbol economic recovery?"</a>. <i>fortune.com</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=fortune.com&rft.atitle=Are+we+seeing+a+%27reverse+square+root%27+symbol+economic+recovery%3F&rft_id=https%3A%2F%2Ffortune.com%2F2020%2F07%2F11%2Fus-economic-recovery-reverse-square-root-symbol-wei-covid-19-coronavirus%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARecession+shapes" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=9" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://archive.today/20130205111335/http://the-economist.com/displaystory.cfm?story_id=14258893">"U, V or W for recovery"</a>. <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i>. August 22, 2009. pp. <span class="nowrap">10–</span>11. Archived from <a rel="nofollow" class="external text" href="http://the-economist.com/displaystory.cfm?story_id=14258893">the original</a> on February 5, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-08-30</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=U%2C+V+or+W+for+recovery&rft.pages=%3Cspan+class%3D%22nowrap%22%3E10-%3C%2Fspan%3E11&rft.date=2009-08-22&rft_id=http%3A%2F%2Fthe-economist.com%2Fdisplaystory.cfm%3Fstory_id%3D14258893&rfr_id=info%3Asid%2Fen.wikipedia.org%3ARecession+shapes" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Recession_shapes&action=edit&section=10" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/v/v-shaped-recovery.asp">V-Shaped Recovery</a>, <a href="/wiki/Investopedia" title="Investopedia">Investopedia</a> (September 2020)</li> <li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/u/u-shaped-recovery.asp">U-Shaped Recovery</a>, Investopedia (September 2020)</li> <li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/w/w-shaped-recovery.asp">W-Shaped Recovery</a>, Investopedia (September 2020)</li> <li><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/l/l-shaped-recession.asp">L-Shaped Recovery</a>, Investopedia (September 2020)</li> <li><a rel="nofollow" class="external text" href="https://www.investopedia.com/k-shaped-recovery-5080086#:~:text=What%20Is%20a%20K%2DShaped,industries%2C%20or%20groups%20of%20people.">K-Shaped Recovery</a>, Investopedia (November 2020)</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a class="mw-selflink selflink">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of 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