What does the term "Great Recession" refer to?

The term "Great Recession" specifically refers to a significant and severe economic downturn that began in late 2007 and lasted until mid-2009. This period is characterized by a sharp decline in economic activity across the globe, marked by rising unemployment rates, plummeting consumer spending, and a deterioration in financial markets. The Great Recession is widely viewed as the most substantial global economic crisis since the Great Depression of the 1930s, leading to significant policy responses by governments and central banks to stabilize economies and spur recovery.

In this context, the other choices do not accurately capture the defining characteristics of the Great Recession. The mention of an economic boom starting in 2007 contradicts the concept of a recession, while references to tax cuts and minor economic fluctuations do not encompass the widespread and severe economic impact that is central to understanding the Great Recession as a major historical event.