Early 80s Recession (jan 1, 1980 – jan 1, 1983)

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The Early 80s Recession was an economic slump that occurred in part due to rising oil prices after the Iranian Revolution and led to austerity measures in an attempt to cut down on deficit spending to try and limit inflation that was limiting real GDP growth. This led to sustained declines in the GDP per capita for the first time since the end of WW2. The effects of the recession would be weathered by most developed economies until 1983, though some weaker economies took until 1985 to reach 1980 levels.

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