The consequences of the 2004 recession were felt in almost all the continent of the world. The United States, European Union, Australia, Russia, Japan, Eastern parts of Asia and many other countries were adversely affected because of the 2004 recession. There was a period of Boom in the 1990s, therefore many of the economists of the predicted that there would a harsh recession in the 2000s. There was a global recession in 2004 and it’s after effects were endured by mostly all the nations of the globe.
Due to the recession in the United States, many of the employees who had a high pay scale were forced to accept much lower pays. It was declared by the BCD Committee that during the year 2001, there were peak commercial activities in the United States. And the due to this peak the beginning of the undesired recession was started. It was stated by the NBER President, Martin Feldstein that they were still waiting for the supplementary monthly information before they can make a concluding judgment about recession. He also stated that they were unable to make a decision because they did not have sufficient supplementary data. Before the recession in 2004, the NASDAQ had crashed and also the Dot-com Bubble drooped. This had an enormous impact on the recession of 2004. The markets were permanently rebounded in the year 2003, which also contributed largely towards the issues like unemployment and recession in the United States.
It is a fact that the economy of Canada is closely related with the economy of the US. Due to drop in the stocks, the stock markets of Canada were affected very negatively. Giants like BCE and Nortel were also collapsed due to the recession. Even the airline sector was facing a lot of devastation. However, Canada did not follow the economic downturn of the US. They did not have to face the problem of unemployment. Even the fiscal management of Canada during the recession period is highly praiseworthy. They did not introduce any sort of tax cut or any major expenditure during the recession. However, the governments at the provincial level were affected adversely.
Under the leadership of President Vladimir Putin, Russia continued and reasserted the part of the federal government and made it more powerful. The policies framed by Putin were extremely popular amid the Russian citizens. There was a rebound of exports in Russia, and therefore, they were least affected due to the recession of 2004. Japan was also pessimistically affected due to the problem of deflation. However the European zone were only affected for a short while, then their economy was again on the track.

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