The Early 2000s recession was felt in mostly Western countries, affecting the European Union mostly during 2000 and 2001 and the United States mostly in 2002 and 2003. Canada and Australia avoided the recession for the most part, while Russia, a nation that did not experience prosperity during the 1990s, began to recover. Japan's 1990s recession continued. The Early 2000s recession had been predicted by economists for years, since the boom of the 1990s, which was accompanied by both low inflation and low unemployment, had already ceased in East Asia during that region's 1997 economic crisis. The 1990s were also a period of recession between 1995 and 1998 inclusive. The Early 2000s recession was not as bad as many predicted it would be, nor was it as bad as either of the two previous world-wide recessions. This article does not cite any references or sources. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Also see: 2002 (number). ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... For the band, see 1990s (band). ... For the band, see 1990s (band). ... This article does not cite any references or sources. ... East Asia Geographic East Asia. ... For the band, see 1997 (band). ...

In the U.S. it was characterized by large layoffs, outsourcing, and a jobless recovery, with many formerly high-paid manufacturing employees being forced into much lower paid service positions. Many credit homeowners in the midst of the housing bubble for taking-out second mortgages on the added property value and using the funds to boost consumer spending at the request of elected officials who told Americans it was patriotic and that they should spend their way out of the recession. There is now debate as to whether these actions were wise within the subprime mortgage financial crisis. Outsourcing became part of the business lexicon during the 1980s and refers to the delegation of non-core operations from internal production to an external entity specializing in the management of that operation. ... A jobless recovery is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. ... The current US property bubble is the United States economic bubble in real estate following the stock market bubble in the 1990s called, among other things, the dot-com bubble. ... A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property. ... The subprime mortgage financial crisis refers to the sharp rise in foreclosures in the subprime mortgage market that began in the United States in 2006 and became a global financial crisis in July 2007 as rising interest rates increased newly-popular variable rate mortgage payments and property values suffered declines...

United States

The U.S. economy shrank in three non-consecutive quarters in the early 2000s (the third quarter of 2000, the first quarter of 2001, and the third quarter of 2001). Strictly speaking, the U.S. economy was not in recession during this period -- the common definition being "a fall of a country's real gross domestic product in two or more successive quarters." Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ...

Those using a less traditional definitions of the term deem part or all of this period to have been a recession and there remains some debate over the start and end dates. The initial report by the National Bureau of Economic Research (NBER), declares a recession that lasted from March 2001 to November 2001, as real gross domestic product dropped during this period by 0.2% total from the fourth quarter of 2000. However, even this definition is in doubt. Several members of NBER's business cycle dating committee have said that revised data indicates a recession actually began some time within the final months of 2000. Committee members suggest they are inclined to move the date.^[1] NBER President Martin Federstein said: The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan research organization dedicated to studying the science and empirics of economics, especially the American economy. ... March 2001 : January - February - March - April - May - June - July - August - September - October - November - December March 3 - A U.S. Air Force Materials Command C-23 Sherpa transport crashes during stormy weather in the U.S. state of Georgia, killing 21. ... November 2001 : January - February - March - April - May - June - July - August - September - October - November - December November - The Doha Declaration slightly relaxes the grip of international intellectual property. ... Nominal GDP per person (capita) in 2006. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ...

"It is clear that the revised data have made our original March date for the start of the recession much too late. We are still waiting for additional monthly data before making a final judgment. Until we have the additional data, we cannot make a decision."^[1]

Using the stock market as a benchmark, a recession began in March 2000 when the NASDAQ crashed following the collapse of the Dot-com bubble. The Dow Jones Industrial Average was relatively unscathed by the NASDAQ's crash until the September 11, 2001 terrorist attacks, after which the DJIA suffered its worst one-day point loss and biggest one-week losses in history. The market rebounded, only to crash once more in the final two quarters of 2002. In the final three quarters of 2003, the market finally rebounded permanently, agreeing with the unemployment statistics that the recession lasted from 2001 through 2003. 2000 : January - February - March - April - May - June - July - August - September - October - November - December This is a timeline for events in March, 2000. ... NASDAQ in Times Square, New York City. ... The dot-com bubble was a speculative bubble covering roughly 1995–2001 during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. ... Linear graph of the DJIA from 1901 until today Logarithmic graph of the DJIA from 1901 until today The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow 30, or informally the Dow Jones or The Dow) is one of several stock market indices created by nineteenth-century... The World Trade Center on fire The September 11, 2001 attacks were a series of coordinated terrorist attacks against the United States on September 11, 2001. ... The stock market downturn of 2002 (some say stock market crash or the Internet bubble bursting) is the sharp drop in stock prices during 2002 in stock exchanges across the United States, Canada, Asia, and Europe. ... Also see: 2002 (number). ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...

President Bush responded to this downturn with tax-cut legislation in 2001 and 2003. Critics argued that these acts would significantly increased the federal deficit, while others felt that they helped keep any recession from being as sharp as predicted. Nonetheless economists have shown mathematically that the time taken from peak to trough (of the economic cycle) was approximately the same as in the early 1990s, casting a shadow on the efficacy of these tax cuts^{[citation needed]}. This is because statistics suggest the economy would have recovered regardless^{[citation needed]}. Economic growth resumed in the second quarter of 2003, months before the tax cuts were fully implemented^{[citation needed]}. Many argue the recovery was ushered in by a bottoming out of interest rates in June 2003, and a sharp downward correction in energy prices that spring^{[citation needed]}. George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001. ... The Economic Growth and Tax Relief Reconciliation Act of 2001 was a sweeping piece of tax legislation in the United States. ... The Jobs and Growth Tax Relief Reconciliation Act of 2003 was passed by the United States Congress on May 23, 2003 and signed by President Bush five days later. ... An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ...

Canada

Canada's economy is closely linked to that of the United States, and economic conditions south of the border tend quickly to make their way north. Canada's stock markets were especially hard hit by the collapse in high tech stocks. For much of the 1990s the rapid rise of the TSX had almost wholly been attributed to two stocks: Nortel and BCE. Both companies were hard hit by the downturn, especially Nortel that was forced to lay off much of its workforce. The events of September 11th also hurt the Canadian stock markets and was especially devastating to the already troubled airline sector. The Toronto Stock Exchange (TSX) is Canadas largest stock exchange, and the division of the TSX Group that holds senior equities. ... Northern Telecommunications Networks, commonly known as Nortel, is a telecommunications equipment manufacturer headquartered in Canada. ... Bell Canada Enterprises (TSX: BCE, NYSE: BCE), legally BCE Inc. ...

However in the wider economy Canada was surprisingly unhurt by these events. While growth slowed, the economy never actually entered a recession. This was the first time that Canada had avoided following the United States into an economic downturn. The rate of job creation in Canada continued at the rapid pace of the 1990s. A number of explanations have been advanced to explain this. Canada was not as directly affected by 9/11 and the subsequent wars, and the downward pressure of these events were more muted. Canada's fiscal management during the period has been praised as the federal government continued to bring in large surpluses throughout this period, in sharp contrast to the United States. Unlike the United States no major tax cuts or major new expenditures were introduced. Many provincial governments suffered greater problems with a number of them returning to deficits, which was blamed on the fiscal imbalance. 2003 saw elections in six Canadian provinces and in only one did the governing party not lose seats. Fiscal imbalance (in French, déséquilibre fiscal) is the term used in Canada to describe a monetary imbalance between the Canadian federal government and the provincial governments. ...

Russia

See also: History of post-Soviet Russia#The crises of 1998

The Soviet Union's last year of economic growth was 1989, and throughout the 1990s, recession ensued in the Former Soviet Republics. In the May 1998, following the 1997 crash of the East Asian economy, things began to get even worse in Russia. In August 1998, the value of the ruble fell 34% and people clamored to get their money out of banks (see Russian financial crisis). The government acted by dragging its feet on privitization programs. Russians responded to this situation with approval by electing the more pro-dirigist and less liberal Vladimir Putin as President in 2000. Putin proceeded to re-assert the role of the Federal government, and gave it power it had not seen since the Soviet era. State run businesses were used to out-compete some of the more wealthy rivals of Putin. Putin's policies were popular with the Russian people, gaining him re-election in 2004. At the same time, export-oriented Russian economy enjoyed considerable influx of foreign currency thanks to rising worldwide oil prices (from $15 per barrel in early 1999 to an average of $30 per barrel during Putin's first term). The early 2000s recession was avoided in Russia due to rebound in exports and, to some degree, a return to dirigism. With the dissolution of the Soviet Union in December 1991, the Russian Federation became an independent country. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... For the band, see 1990s (band). ... The Post-Soviet states, also commonly known as former Soviet republics, are the independent nations which split off from the Union of Soviet Socialist Republics in its breakup in 1991. ... 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... For the band, see 1997 (band). ... The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... 1998 is a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ... Inkombank was one of the most high-profile casualties of the events of August 1998. ... Dirigisme (from the French) (in English also dirigism although per the OED both spellings are used) is an economic term designating an economy where the government exerts strong directive influence. ... Classic liberalism is a political school of thought that holds that all rights are held by individuals, and that governments are put into place solely in order to defend those rights. ... Vladimir Vladimirovich Putin (Russian: ) (born October 7, 1952) is the current President of the Russian Federation. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...

Japan

Japan's recession, which started in the early 1990s, continued into the 2000s, with deflation being the main problem. Deflation began plaguing Japan in the fiscal year ending 1999, and by 2005 the yen had 103% of its 2000 buying power. The Bank of Japan attempted to cultivate inflation with high liquidity and a nominal 0% interest rate on loans. Other aspects of the Japanese economy were good during the early 2000s; unemployment remained relatively low, and China became somewhat dependent on Japanese exports. The bear market, however, continued in Japan despite the best efforts of the Bank. For the band, see 1990s (band). ... The 2000s are the current decade, spanning from 2000 to 2009. ... Deflation (economics) Deflation (data compression) Deflation is the removal of loose soil by eolian (wind) processes This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... This article is about the year. ... Japanese 10 yen coin (obverse) showing Phoenix Hall of Byodoin Yen is the currency used in Japan. ... The Bank of Japan has its headquarters in this building in Tokyo. ... Market liquidity is a business or economics term that refers to the ability to quickly buy or sell a particular item without causing a significant movement in the price. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... A bear market is a prolonged period of time when prices are falling in a financial market. ...

European Union

Transition left the economy of the European Union in a cautiously optimistic state during the early 2000s. The most difficult years were 2000-2001, precipitating the worst years of the American recession. The European Union introduced a new currency on January 1, 1999. The euro, which was met with much anticipation, had its value immediately plummet, and it continued to be a weak currency throughout 2000 and 2001. Inflation struck the Eurozone for a few months in summer 2001 but the economy disinflated within months. In 2002, the value of the euro began to rapidly rise (reaching parity with the US Dollar on July 15, 2002. This hurt business for companies based in Europe, as the profits made abroad (especially in the Americas) had an unfavorable exchange rate. The 2000s are the current decade, spanning from 2000 to 2009. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... is the 1st day of the year in the Gregorian calendar. ... This article is about the year. ... “EUR” redirects here. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ... This article or section is in need of attention from an expert on the subject. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... Also see: 2002 (number). ... is the 196th day of the year (197th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... World map showing the Americas CIA political map of the Americas The Americas are the lands of the Western hemisphere or New World consisting of the continents of North America[1] and South America with their associated islands and regions. ...

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