UK recession 2008 timelineBlog

UK recession 2008 timeline

Gordon Brown emerges triumphant from a global summit, which he claims is a turning point in the crisis, and stock markets begin to revive. Still, comparing the second quarter of 2009 to the second quarter of 2008, Hong Kong's GDP shrank 3.8% in the former.Portugal leaves recession after three consecutive quarters of negative growth having its GDP recover by 0.3% in the second quarter of 2009.

Costiglio, 35, was laid off from his marketing job at The Partnership for a Drug-Free America. Paul Costiglio, a marketing and public relations professional, waits in a lobby for an interview at a foundation December 9, 2008 in New York City. Credit markets go into freefall after Paribas announces that two of its hedge funds are frozen due to "complete evaporation of liquidity" in asset backed security market. This is the first recession for South Africa in 17 years.

Bulgarian authorities declare the country is officially in recession after dropping 1.6% in the last quarter of 2008, followed by a 5% drop in the first quarter of 2009.Colombia enters into recession after witnessing 0.7% contraction in the last quarter of 2008 and 0.6% in the following quarter.Turkey recorded its fastest contraction of 13.8% in the first quarter of 2009 compared to 2008, leading the country into recession after a contraction of 6.2% in the last quarter of 2008.Singapore experienced a seasonally adjusted and annualised growth of 20.4% in the second quarter as a result of increased pharmaceuticals production and construction, bringing the country out of the recession.The French and German GDP both grew 0.3% in the second quarter of 2009; analysts had not anticipated such a quick recovery.After shrinking 4.3% during January–March, Hong Kong's GDP grew 3.3% between April and June, improving its GDP forecasts, which went from negative growth between 5.5 and 6.5% to negative growth between 4.5 and 5.5%.

The largest employment increases in January occurred in business, building and other support services, and retail and wholesale trade. The recovery was attributed to government spending and the construction industry.The late-2000s recession has entered its second full year of existence. It is the first sign that, rather than easing, the financial crisis is getting worse but investors are relieved that US government prepared to act as lender of last resort. The number of countries in recession was 37 in Q2‑2009, 13 in Q3‑2009 and 11 in Q4‑2009. It is the first signal that something is seriously amiss at US mortgage lenders. US government rescues giant mortgage lenders Fannie Mae and Freddie Mac, taking them into temporary public ownership after they reveal huge losses on the US subprime mortgage market. World leaders pledge an additional $1.1 trillion to help emerging market countries and promise coordinated action to fight the slump and improve regulation. While many nations have managed to climb out of the recession, employment is still sparse and promises to remain so throughout 2010. Fourteen years after he was controversially acquitted of murdering his wife and her lover, justice caught up with the former American football star, now 61. Having merged with HBOS in September, Lloyds is hit by the huge debts built up by its new partner in the mortgage market, while RBS is struggling with its expensive merger with ABN-AMRO. Merrill Lynch is bought by Bank of America after revealing it also is facing huge losses. Still, Norway's total GDP, which includes the oil, gas and shipping sectors, shrank 0.4% in the first quarter of 2009 after 0.8% growth in the fourth quarter of 2008.Mexico becomes the first Latin American country to officially enter recession, having its GDP shrink 8.22% in the first quarter of 2009, after falling 1.6% in the final quarter of 2008 and Swine flu concerns. Sovereign debt in the Eurozone and EU cause the stock market to crash from a FTSE-100 high of 6100 points to just above 5000.Ireland returns to recession as GDP falls by 0.2% in the fourth quarter of 2011 following a fall of 1.1% in the third quarter.The UK economy returns to recession with a fall of 0.2% in GDP in the first quarter of 2012 following a fall of 0.3% in the last quarter of 2011.Hungary falls back into recession as GDP falls by 0.2% in the second quarter of 2012 following a fall of 1.0% in the first quarter.The double dip recession in the UK economy ends with growth of 1.0% in GDP in the third quarter of 2012, with help from the Japan is again in recession as the GDP figures for the second quarter of 2012 are revised to show a contraction of 0.03% and the third quarter figures fall by a further 0.9%.Initial GDP figures for the fourth quarter of 2012 show the UK economy shrank by 0.3% raising fears of a triple dip recession.The recession in the Eurozone economy deepens with a fall of 0.6% in GDP in the fourth quarter of 2012.
With half a dozen major banks and institutions failing, and credit still slow to grow Paulson and President Bush produced another $800 billion in late November for bad housing loans and to facilitate various consumer loans. The UK government invokes a national interest clause to bypass competition law, as the new bank is responsible for close to one-third of the UK's savings and mortgage market. Jan 1, 2008. Much of the money will go to the states to prevent them laying off public sector workers, but some will be invested in infrastructure projects like roads, schools and green energy. In an effort to jump-start the economy and get gas-guzzlers off the road, the government initially approves $1 billion to provide rebates for new car purchases. These are external links and will open in a new windowHow did the credit crunch at the end of 2007 become a full financial meltdown by the middle of 2008, and finally turn into a global recession? Property markets and construction have suffered in both Baltic states.First Asian country to slip into a recession since the credit crisis began. January's increase was among private sector employees, while self-employment declined. However, not all the money pledged is actually delivered.

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