Globally, while some countries experienced downturns in economic output in 1980 and/or 1981, the broadest and sharpest worldwide decline of economic activity and the largest increase in unemployment was in 1982, with the World Bank naming the recession the "global recession of 1982." Even after major economies, such as the United States and Japan exited the recession relatively early, many countries were in recession into 1983 and high unemployment would continue to affect most OECD nations until at least 1985. Long-term effects of the early 1980s recession contributed to the Latin American debt crisis, long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, the US savings and loans crisis, and a general adoption of neoliberal economic policies throughout the 1980s and 1990s.