what year was the recession?
- What was 'The Great Recession'. The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is generally considered the largest downturn since the Great Depression. The term âGreat Recessionâ applies to both the U.S. recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009. The Great Recession The Great Recessionâwhich officially lasted from December 2007 to June 2009âbegan with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led to sharp cutbacks in consumer spending.