The recession is a global phenomenon. It is the result of the bursting of the global financial bubble. The recession has caused the loss of millions of jobs and the bankruptcy of many companies. The recession has also caused a decrease in the demand for goods and services. The recession has led to a decrease in the prices of commodities, stocks, and real estate. The recession has also caused a decrease in the demand for labor. The recession has led to an increase in the number of people who are unemployed. The recession has also caused a decrease in the wages of workers. The recession has led to a decrease in the standard of living of people around the world.