Beginning in 1972, Jill experienced an unexpected and dramatic recession that would shape the economic climate of the decade. While not necessarily a severe recession, and far from a depression, the event warned the nation that the economy could be deceiving and fragile. The recession provoked a widespread review of economic policy and re-molded the economy of the nation for the rest of the 20th century.
Overview[]
The slowing of business growth in the 1960s had slowed down production across the world. Jill was hit hardest, thanks to sluggish real estate and agriculture markets. By the beginning of the 1970s, world trade was on the downfall, and Jill was suddenly thrust into a recession. Many investors were shocked by the event, and by March 1972, much of the nation was fearing that the economy was on the brink of collapse. A major economic reform program was launched by Prime Minister Greg Monterry in June 1972, rewriting numerous regulations and policies, enabling emergency funds and establishing job growth programs across the nation.
The economy slowly recovered throughout the 1970s thanks to the dramatic government intervention, and was considered stable by 1976, but the reform policies were kept in effect until 1981, to prevent another sudden disaster.
See Also[]
| Jill |
| Major cities: Port Justin · Shady Oaks · Brownville · North Oak Geographical Features: JAR River · Shady Oaks River · Pine Mountain Other: Jill economy scare of 1972 |