FX.co ★ Top 9 companies that started during economic recession

General Motors

The company was founded at the beginning of the 20th century, in 1908. A year earlier, a wave of panic shook the world financial markets and led to a recession of the American economy. The crisis lasted until 1910. However, it did not stop General Motors. The company’s management acquired automobile brands such as Oldsmobile and Cadillac. Later, in 1918, the company bought Chevrolet. Nowadays, General Motors is a successful representative of the global car industry. The company is worth around $32 billion.

Hewlett-Packard

Hewlett-Packard was another company that started during the recession of 1937-1938. At that time, the world was on the verge of World War II. The US economy was in a critical state. The US GDP fell by 10%, while the country's unemployment rate accelerated by 20%. Hewlett-Packard was founded right at that period of time in 1939. Today, the company is a global supplier of computer components worth $22 billion.

Burger King

The first Burger King restaurant was opened in 1953 in Florida, the United States. In 1953-1954, the economy was shaken by the recession which caused problems with government spending. In 1954, the company began to expand and open restaurants in other cities across the United States. Later, Burger King gained recognition from customers all over the world. According to surveys, Burger King is the most visited company among similar facilities.

Hyatt

The first Hyatt hotel was opened during the 1957–1958 recession. That was the time when the US GDP fell by 3.7% and unemployment reached 7.4%. An entrepreneur, Jay Pritzker, was the founder of the Hyatt Hotels Corporation. Later, the tourism industry and the hotel business started to develop and flourish. The company had expanded and entered the international arena. In 2019, the number of Hyatt hotels reached 913 hotels in different countries of the world. Currently, Hyatt Hotels Corporation is worth $5.6 billion.

Microsoft

This company was founded at the time of the 1973-1975 recession. The crisis was caused by an oil embargo as OPEC vetoed countries that supported Israel. As a result, oil prices went up sharply triggering market jitters. Bill Gates, the founder of the company, turned 31 in 1987. He became the youngest billionaire in the world. Microsoft is now worth some $1.3 trillion.

CNN

A popular broadcast TV channel was launched during the 1980th recession. Back then, the US Federal Reserve System increased the interest rate in an attempt to stop inflation growth. In 1980, the inflation rate reached 22%. That led to a slowdown of the US economy which declined by more than 2%. Over this period, people started to be more interested in the mass media. Nowadays, the number of CNN viewers totals 1 million.

Electronic arts

Experts consider this company to be one of the largest in the market of video games. Electronic Arts (EA) was founded during the crisis of 1981-1982. At that time, the US Federal Reserve introduced severe restrictions to reduce inflation and unemployment which rose to 10.8%. The recession in the United States was exacerbated by the world economic crisis. However, it did not stop Electronic Arts established in 1982. The company is currently the leader in the global video game market and the largest provider of game consoles.

Uber

The largest ride-hailing company started its work during the recession which lasted from 2007 to 2009. Back then, the US GDP fell by 4.3%, while the unemployment rate grew by 10%. The real estate and banking sectors were overwhelmed by the crisis. As a result, many financial institutions went bankrupt. According to analysts, the repercussions of this crisis can be found today. Established in March 2009, Uber has been recognized as an international leader in ride-hailing for the past 11 years.

Airbnb

Airbnb was a startup in the tourism market which managed to ride the wave of the crisis and expand its business. The company was founded at the period of the 2007-2009 financial crisis. At the moment, Airbnb is recognized as one of the leading Internet portals specializing in renting rooms and hotels for travellers. The company is popular all over the world and is worth $31 billion.