Final answer:
The Great Recession, which started in 2007, lasted 18 months and was the most severe downturn since the Great Depression, with lasting effects including high unemployment and lower incomes. However, the economy has gradually improved since its lowest point in 2009, despite remaining challenges.
Step-by-step explanation:
The Great Recession that began in 2007 is recognized as a significant economic downturn that lasted for 18 months, officially reaching its lowest point in 2009. Since then, economies such as the United States, Western Europe, and Japan have shown recovery, but challenges persist. The after-effects, like high unemployment rates and lower incomes, have continued to affect these societies, even with measures such as expansionary fiscal policy put into place.
Examining historical patterns, recessions occur roughly every six years, with post-World War II recessions averaging about 11 months in duration. In the context of the United States, despite the stock market reaching historic highs post-recession and some economic growth, the national struggle with issues like poverty and workforce participation indicates a slow and protracted recovery.