The Great Recession (also called the Second Great Depression or Long Recession) was a global economic decline in the late 2000s decade. The effects of the economic problem are still obvious. A few countries, including Italy and Greece, are still in recession.
The Great Recession affected world economies to different degrees. It caused more problems for some countries than others. Overall, this was the worst global recession since World War II. Southern Europe was badly affected. Some countries, including China, India, South Korea, Poland and Australia, did not have a recession during this time.
Economic side-effects include household debt, low wages, high levels of unemployment and very limited chances of global growth as of 2014 in many countries.