The Longest Recession Since WWII
According to the National Bureau of Economic Research, the recession ended in June 2009 after 18 months — the longest downturn since World War II. That doesn’t mean we’re out of the woods. Reduced expectations for U.S. economic growth and fears that high unemployment could last longer than previously thought presage more pain to come.
The OECD predicts the US economy will grow by 2.6% this year, having previously predicted expansion of 3.2%.
It also warned in its latest economic survey of the US that the downturn may trigger long-term damage to the economy, with higher long-term unemployment.
Meanwhile, the UK’s Centre for Economics and Business Research (CEBR) said that it expected the US economy to expand by 2.2% next year, after growing by 2.5% this year.