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From Crisis to Recovery

The Causes, Course and Consequences of the Great Recession

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How did the sharpest global slowdown in more than six decades happen, and how can recovery be made sustainable? OECD Insights: From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy, destroying businesses and raising unemployment to its highest levels in decades. The worst of the crisis now looks to be over, but a swift return to strong growth appears unlikely and employment will take several years to get back to pre-crisis levels. High levels of public and private debt mean cutbacks and saving are likely to become the main priority, meaning the impact of the recession will continue to be felt for years to come.

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The Impacts on Jobs

When the crisis struck, employment in OECD countries was at its highest level since 1980, but the first victims of unemployment were the same groups as in previous decades such as the young and temporary workers. Employment takes longer to recover than output, and governments can play a role in helping those worst affected.

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