<human>:  What was the economic impact of the 2008 recession?
<bot>: The 2008 recession had a significant economic impact on many countries around the world. It is estimated that the global economy experienced over $3.4 trillion in lost output, with the US alone experiencing a loss of nearly $500 billion. Unemployment rates increased dramatically and large losses in employment and wages were reported in many countries. The recession also led to an increase in public debt levels and a decrease in economic growth in many countries. Additionally, it had ripple effects throughout global financial markets.