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The early 2000s recession was a decline in economic activity which mainly occurred in developed countries.The recession affected the European Union during 20 and the United States in 20.Canada's economy is closely linked to that of the United States, and economic conditions south of the border tend to quickly make their way north.Canada's stock markets were especially hard hit by the collapse in high-tech stocks.Canada was not as directly affected by 9/11 and the subsequent wars, and the downward pressure of these events was 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.Growth in gross domestic product slowed considerably in the third quarter of 2000 to the lowest rate since a contraction in the first quarter of 1992. A peak marks the end of an expansion and the beginning of a recession.The NBER's Business Cycle Dating Committee has determined that a peak in business activity occurred in the U. The determination of a peak date in March is thus a determination that the expansion that began in March 1992ended in March 2001 and a recession began.
The Labor Department estimates that a net 1.735 million jobs were shed in 2001, with an additional net 508,000 lost during 2002. Unemployment rose from 4.2% in February 2001 to 5.5% in November 2001, but did not peak until June 2003 at 6.3%, after which it declined to 5% by mid-2005.
The events of September 11 also hurt the Canadian stock markets and were especially devastating to the already troubled airline sector.
However, in the wider economy, Canada was surprisingly unhurt by these events.
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.
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According to the National Bureau of Economic Research (NBER), which is the private, nonprofit, nonpartisan organization charged with determining economic recessions, the U. economy was in recession from March 2001 to November 2001, a period of eight months at the beginning of President George W. However, economic conditions did not satisfy the common shorthand definition of recession, which is "a fall of a country's real gross domestic product in two or more successive quarters", and has led to some confusion about the procedure for determining the starting and ending dates of a recession.