There was a strong economy between 1999 and 2000 but the economy went into recession in 2001 and 2002 due to slowdowns in tourism, consumer spending and the impact of the 11 September 2001 attacks in the United States and the 7 July 2005 London bombings in the United Kingdom. The economy rebounded in 2003 and has shown growth since 2004 which continued right through to 2008. The economy went into recession again from 2008 to 2013 before showing growth from 2014 to 2017. Then it declined to another recession from 2017 to 2019 during the world economic crisis. There were 23 downgrades by both Standard & Poor's and Moody's in 2016, 2017 and 2018. The economy showed signs of recovery with 3 upgrades from Standard and Poor's and Moody's in 2019. From 1 January to 31 March 2020 the economy had started to grow, but then it experienced another decline due to the COVID-19 economic recession.