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The UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, in fact began to recover from said situation. This recession was predicted by economists, because the boom of the 1990s (accompanied by both low inflation and low unemployment) slowed in some parts of East Asia during the 1997 Asian financial crisis.The recession in industrialized countries wasn't as significant as either of the two previous worldwide recessions.Governments on both sides of the Border have recently announced plans to ban the sale of all conventional diesel and petrol powered cars over the next couple of decades in a bid to meet European Union limits on nitrogen dioxide pollution.Ministers are also considering funding measures to cut pollution with a tax on new diesel vehicles.Job growth was initially muted by large layoffs among defense related industries.Predictions that the bubble would burst emerged during the dot-com bubble in the late 1990s.Some economists in the United States object to characterizing it as a recession since there were no two consecutive quarters of negative growth.
The market rebounded, only to crash once more in the final two quarters of 2002.
• National income was around 10pc below the level it would have reached in the absence of the financial crisis, Mr King said • At the worst point of the recession in the first three months of 2009, output fell 2.5pc - the fastest rate in more than 50 years, according to the ONS • Unemployment rose by 877,000 from April 2008 to hit 2.49m in the three months to October 2009 • The recession saw a 12-month slump for manufacturers, with output down almost 14pc year-on-year at its worst point - the lowest seen since the 17pc fall in output in 13 successive months of decline between 19 • To combat the recession the Bank of England slashed interest rates to just 0.5pc - the lowest since the Bank was founded in 1694.
• The UK was the last major economy to emerge from recession The Big Short, the film adaptation of Michael Lewis' book of the same name about the causes of the financial crisis, opens in UK cinemas this weekend.
However conditions improved, and the Federal Reserve raised interest rates six times between June 1999 and May 2000 in an effort to cool the economy to achieve a soft landing.
The burst of the stock market bubble occurred in the form of the NASDAQ crash in March 2000.