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Northern Ireland was the hardest-hit region, with unemployment standing at nearly 20%. June 23: Air India Flight 182 is destroyed by a terrorist bomb off the Irish coast. By 1981, homes and offices were beginning to adapt to new technologies. Feb. 20: The Soviet Union launches the Mir space station, the first modular space station that will be assembled in orbit for the next decade. Federal action initially caused the problem by allowing institutions to get involved in creating wealth by unhealthy fractional reserve practices, lending out much more money than they could ever afford to pay back out to customers if they came to withdraw their money. At the time, the CCEA was chaired by Treasury Secretary Donald Regan. In the first three years of Thatcher's premiership, opinion polls gave the government approval ratings as low as 25%, with the polls initially being led by the Labour opposition and then by the SDP-Liberal Alliance, the latter being formed by the Liberal Party and the Social Democratic Party in 1981. Nov. 3: A transport ship carrying 50,000 assault rifles is shot down over Nicaragua, the first alert to the American public of the Iran-Contra arms deal. That ultimately led to S&Ls' failure. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. World Economic Survey 1980-1981 discusses the deterioration in the performance of the world economy in 1980, which was accompanied by a marked slowdown in the expansion of world trade,. Thailand had the world's fastest-growing economy for about a decade in the late 1980s and early 1990s. [16][26], The recession had a severe effect on financial institutions such as savings and loans and banks. Recession follows. July 29: Britain's Prince Charles weds Diana Spencer in a royal wedding televised live. The Democrats gained 26 seats in the US House of Representatives seats, then the most for the party in any election since the "Watergate year" of 1974. Feb. 8: The XIV Olympic Winter Games open in Sarajevo, Yugoslavia, the only Olympics so far to be hosted by a Non-Aligned Movement member and a Muslim-majority city. Economic growth increased exponentially after World War II, nearly tripling worldwide GDP from 1940 to 2018. FDIC: Historical Timeline - Federal Deposit Insurance Corporation May 13: In Vatican City, an assassin shoots Pope John Paul II (19202005), wounding him. The United Kingdom's economy grew by 7.5 percent in 2021, after it shrank by a record 11 percent in 2020 due to the economic fallout caused by the Coronavirus (COVID-19) pandemic. May 22: The Pac-Man video game is released in Japan, followed by its U.S. release in October. Flint, Michigan, had the highest unemployment rate of all metro areas, with 23.4%. 1970 Aug. 17: Former Nazi Rudolf Hess commits suicide in his prison cell in Berlin.