the crash of 1987,,there was no `recession, crash of 1974 no recession. crash of 1990 no recession. crash of 2002 no recession in the oil sector..it depends on what is a recession. a recession is just business cycle. a drop in demand as all demand is filled and factories reduce workforce temporarily for a 1 year or 2 years..a depression is like 5 -10 years and business go out of business or shut down altogether. permenante job losses as industry shuts down. economic decline. or GDP permanently declines and lower standards of living as purchasing power decreases
the 2008 crash,,there was no recession in the oil sand sector either..wall street stock prices crashed but lots of job growth in that sector.
huge job losses in China from tarriffs and that is why China wants a deal. the riots in Hong Kong is mainly a result of bad job prospects in the city as the city is is becoming irrelevant. or needed. people just ship directly to China..whereas before Hong Kong was the hub of trade..and free markets rule,,now Hong Kong has so many taxes and regulations in it`s banking and taxes...there is no reason to bank there. there is no tax haven anywhere now. with the US anti-money laundering,,even swiss banks have open their bank books to the US `police or IRS there is no privacy or soverignity. that is the reason, people don`t trust the govt if the govt is seen as corrupt.