Early 2000s recession

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The early 2000s recession was a major decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States from March to November 2001.^[1] The UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, began to recover from it.^{[citation needed]} Japan's 1990s recession continued.

This recession was predicted by economists because the boom of the 1990s, accompanied by both low inflation and low unemployment, slowed in some parts of East Asia during the 1997 Asian financial crisis. The recession in industrialized countries was not as significant as either of the two previous worldwide recessions. Some economists in the United States object to characterizing it as a recession since there were no two consecutive quarters of negative growth.^{[citation needed]}