What global event is referred to as the Great Recession?

The Great Recession refers to a significant global economic downturn that began in 2007 and lasted until around 2009, affecting numerous countries around the world. It was characterized by a steep decline in economic activity, rising unemployment rates, and a dramatic fall in the housing market, particularly in the United States. The causes of this recession included the bursting of the housing bubble, excessive risk-taking by financial institutions, and a complex web of financial derivatives that led to widespread uncertainty and lack of trust in the global financial system.

This event marked a severe contraction in economic growth, with many economies taking years to recover fully. Compared to the other options, which describe different financial crises or recessions with varying contexts and timelines, the Great Recession specifically denotes the downturn that followed the financial crisis of 2007-2008.