1980 economy timeline 1980 economy timeline

TerraZetzz. Business bankruptcies rose sharply compared to previous years. All 329 aboard are killed. Furthermore, virtually all the growth in national wealth took place in . Germain Act expanded the authority of federally chartered S&Ls to make acquisition, development, and construction real estate loans, and the statutory limit on loan-to-value ratios was eliminated. Unemployment Continued to Rise in 1982 as Recession Deepened. Bureau of Labor Statistics Monthly Labor Review, February 1983. As of Britain in the 1980s' timeline, Margaret Thatcher reigned as the Prime Minister throughout. That ultimately led to S&Ls' failure. June 12: President Ronald Reagan visits West Berlin and challenges leader Mikhail Gorbachev to "tear down this wall," the Berlin Wall which had divided the city since 1961. [27] Banks rushed into real estate lending, speculative lending, and other ventures as the economy soured. [7] Real Canadian GDP declined by 5% during the 17-month 1981-82 recession with the unemployment rate peaking at 12%. The federal funds rate, which was about 11% in 1979, rose to 20% by June 1981. Finding the Industrial Worker Amiss the Great Depression. Late 1980s - The Lawson Boom. There was a deep recession in 1981 as the government tried to control inflation. [27], Continental Illinois itself may not have been too big to fail, but its collapse could have caused the failure of some of the largest banks. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. When the Conservative Party, led by Margaret Thatcher won the general election of May 1979, and swept James Callaghan's Labour Party from power, the country had just witnessed the Winter of Discontent in which numerous public sector workers had staged strikes. Dec. 8: Singer John Lennon is assassinated by a deranged gunman in front of his New York City apartment. [8] Jobs were also lost to mechanization in industry and to workforce downsizing by many Canadian firms in order to stay efficient and compete internationally in the increasingly globalized economy[10] Alberta, the prime location of Canada's oil industry at the time, experienced a boom in the late 1970s, 1980 and early 1981, with rapid employment growth, attaining, at 76%, the highest percentage of persons aged 1564 being employed (defined as the "employment ratio") of all the provinces in early 1981. The FHLBB's enforcement practices were significantly weaker than those of other federal banking agencies. May 22: The Pac-Man video game is released in Japan, followed by its U.S. release in October. 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. 30 siglos de desarrollo. close panel. [10], The Bank of Canada raised its prime interest rate throughout 1980 and early 1981 in an attempt to rein in inflation, with the deeper second portion of the early 1980s recession beginning in July 1981. Aug. 12: IBM releases the IBM Model 5150, the first IBM personal computer. April 28: The U.S. makes an abortive attempt to rescue American hostages held in Iran since November 1979. Both the 1980 and 1981-82 recessions were triggered by tight monetary policy in an effort to fight mounting inflation. Northern Ireland was the hardest-hit region, with unemployment standing at nearly 20%. Indeed, the nearly 11 percent unemployment rate reached late in 1982 remains the apex of the post-World War II era (Federal Reserve Bank of St. Louis). The Act authorized banks to begin offering money market accounts in an attempt to encourage deposit in-flows, and it also removed additional statutory restrictions in real estate lending and relaxed loans-to-one-borrower limits. South Dakota had the lowest unemployment rate in the nation, with 5.6%. 1980 Americans flocked to video arcades when Pac-Mac debuted in October 1980. He teaches at the Richard Ivey School of Business and serves as a research fellow at the Lawrence National Centre for Policy and Management. That encouraged a rapid expansion in real estate lending while the real estate market was collapsing, increased the unhealthy competition between banks and savings and loans, and encouraged too many branches to be started. Ultimately, this persistence paid off. [citation needed]. During the previous decade, the Fed had demonstrated that it did not place much emphasis on maintaining low inflation, and public expectation of such continued behavior would make it increasingly difficult for the Fed to bring inflation down. In the 1980s' historical timeline, Margaret Thatcher, Ronald Reagan, and Mikhail Gorbachev were the three leading names. Unfortunately, many of the states that deregulated S&Ls were also soft on supervision and enforcement. Refresh the page, check Medium 's site status, or find. ThoughtCo, Sep. 9, 2021, thoughtco.com/1980s-timeline-1779955. For years 1929 through 1946, debt is reported at the end of the second quarter, while GDP is reported annually, since quarterly figures are not available. Aug. 22: After 8 years and more than 1 million dead, the Iran-Iraq War ends when Iran accepts a U.N.-brokered ceasefire. The 1980s began with the world in a major recession, and the U.S. had massive Inflation and Unemployment. Professor of Business, Economics, and Public Policy. Unemployment grew from 7.4 percent at the start of the recession to nearly 10 percent a year later. The Olympics in Sarajevo, the murder of the prime minister in India, and Michael Jackson moonwalking are among the events marked in 1984. Why did the American economy experience such a turnaround in the 1980s? Upset with federal policies, they ousted PresidentJimmy Carter in 1980 and voted in former Hollywood actor and California Gov. March 30: A deranged fan makes an unsuccessful assassination attempt on President Ronald Reagan, injuring Reagan, press secretary James Brady (19402014), and a policeman. Additionally, the agency required S&Ls to meet those requirements only over 20 years. A mild recession from January to July 1980 kept unemployment high, but despite economic recovery, it remained at historically high levels (about 7.5%) until the end of 1981. #DeDollarization #USDollar #Dollar #GeoPolitics Now get regular updates on , During the 1960s and 1970s, economists and policymakers believed that they could lower unemployment through higher inflation, a tradeoff known as the Phillips Curve. The passage of the Depository Institutions Deregulation and Monetary Control Act and the GarnSt. The New Deal Timeline. In spring 1983, thirty states had double-digit unemployment. Urquhart, Michael A., and Marillyn A. Hewson. Timeline of Events: 1971 to 1980. He will be held until 1991. With only five enforcement lawyers, the FHLBB would have been in a poor position to enforce the law, even if it had wanted to. In the 1980s, Iraq had one of the Arab world's most advanced economies. July 28: The Summer Olympics open in Los Angeles, California, where Carl Lewis wins four gold medals in track and field. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. The Council for Mutual Economic Assistance (CMEA) was an organization comprised by the People's Republics (including Bulgaria, Czechoslovakia, Hungary, Poland, Romania, Eastern Germany) and the Soviet Union which lasted between 1948 to 1991, when the Union of Soviet Socialist Republics (USSR) collapsed. Feb. 16: The Dow Jones, the second largest U.S. market index, hits 200 on. The 1980s were a decadent, catastrophic, and groundbreaking decade, not just in the United States, but in many parts of the world as well. The bank had first approached failure in July 1982, when the Penn Square Bank, which had partnered with Continental Illinois in a number of high-risk lending ventures, collapsed. Paul R. Abramson, John H. Aldrich and David W. Rhode, Learn how and when to remove these template messages, Learn how and when to remove this template message, Early 1980s recession in the United States, Depository Institutions Deregulation and Monetary Control Act, GarnSt. Volcker, Paul A., No Time for Backsliding, Remarks to the National Press Club, Washington, DC, September 25, 1981, via FRASER. Liberal Prime Minister Pierre Trudeau, who was in power from the start of the recession in early 1980, was very low in the public opinion polls in early 1984 and on February 29, 1984, decided to resign as Liberal Party leader. 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. TIMELINE 1900 TO THE PRESENT. The state began responding to this in the 1980s by promoting greater economic diversity, notably through the development of a large service sector. In purely technical terms, a recession occurs when two or more . It was the decade of Ronald Reagan in America who had a conservative agenda that shaped the economic and political fortunes of the United States. The economic disorder of the 1970s lingered into the beginning of the 1980s. Nov. 12: The Church of England votes to allow women to serve as priests. 1980: September One million fewer American children begin kindergarten than in 1979. St. Helens volcano, in Washington State, erupts, causing nearly 3 billion in losses & destruction in surrounding areas. The ten-year Treasury bond rate increased from about 11 percent in October 1980 to more than 15 percent a year later, possibly because the market believed the Fed would back down from its tight policy when unemployment rose (Goodfriend and King 2005). Definition and Examples, Ph.D., Business Administration, Richard Ivey School of Business, B.A., Economics and Political Science, University of Western Ontario. In May 1984, federal banking regulators finally offered a $4.5 billion rescue package to Continental Illinois. Coalition of '80 Threatens to Unravel in Congress Elections", "Democrats Shaping Election as Referendum on Economy", "Strategy and Choice in the 1982 Congressional Elections", "The Case for Deficit Spending | New Republic", "How UK incomes have risen (and fallen) since 1948", "THE DEINDUSTRIAL REVOLUTION: THE RISE AND FALL OF UK MANUFACTURING, 1870-2010", "1982: UK unemployment tops three million", "20 Years Ago The Dole Queue Hit 3 Million - Today It Is The Workforce That's A Record", "Economics Essays: Unemployment in the UK 2012", "Thatcher 'considered arming police' during 1981 riots", "Brierley Hill Area Action Plan Preferred Options Baseline Report - Retail", https://en.wikipedia.org/w/index.php?title=Early_1980s_recession&oldid=1132165852, Wikipedia articles needing factual verification from June 2009, Wikipedia introduction cleanup from June 2020, Articles covered by WikiProject Wikify from June 2020, All articles covered by WikiProject Wikify, Articles with limited geographic scope from June 2020, Articles with multiple maintenance issues, Articles with unsourced statements from June 2020, Articles with disputed statements from September 2013, Creative Commons Attribution-ShareAlike License 3.0, Brunner, Karl. [19] In September 1982, Michigan led the nation with 14.5%, Alabama was second with 14.3%, and West Virginia was third with 14.0%. [71], The mass unemployment and social discontent resulting from the recession were widely seen as major factors in widespread rioting across Britain in 1981 in parts of towns and cities including Toxteth, Liverpool, as well as a number of districts of London. Poor employment opportunities, and social discontent were once again seen as factors in the rioting.[73]. World War I, the Treaty of Versailles, and the Great Depression. "The 1980s American Economy." [9], Canada's GDP increased markedly in November 1982 officially ending the recession, although employment growth did not resume until December 1982[7] before faltering again in 1983. Net S&L income, which had totaled $781 million in 1980, fell to a loss of $4.6 billion in 1981 and a loss of $4.1 billion in 1982. The expectation of low inflation was important, as current inflation is driven in part by expectations of future inflation. [14][23], A brief recession occurred in 1980. Oct. 6: Egyptian President Anwar Sadat (19811981) is assassinated in Cairo. [13][14][15][16] One cause was the Federal Reserve's contractionary monetary policy, which sought to rein in the high inflation. Execs grew convinced that its soda's tastenot competitor's adswas the reason for its declining market share, and they . March 14: Microsoft goes public with an initial public offering of shares on the New York Stock Exchange. March 25: Pop singer Michael Jackson moonwalks for the first time at the Pasadena Civic Auditorium, a performance broadcast at the MTV Awards in May. England's Prince Charles married Lady Diana Spencer in Westminster Cathedral in London on July 29, 1981, before a live TV audience of millions. Friday, 3 March 2023, 2:18 AM. From 1979, they began losing money because of spiraling interest rates. 1968) makes headlines for making an illegal landing in Red Square, Moscow. Nov. 8: George H. W. Bush (19242018) bests the Democratic challenger Michael Dukakis (born 1933) to become the 41st president, the third straight victory for the Republican party. Germain Depository Institutions Act of 1982, which further deregulated banks and deregulated savings and loans. ThoughtCo. The 1980s Education: Chronology 1980: A Gallup poll shows parents believe the three worst problems in the nation's schools are discipline, drug use, and poor curriculum. According to Keynesian economists, a combination of deficit spending and the lowering of interest rates would slowly lead to economic recovery. April 26: The deadliest nuclear power plant accident to date occurred outside the Ukrainian city of Chernobyl, scattering radioactive material across Europe. [20], The peak of the recession occurred in November and December 1982, when the nationwide unemployment rate was 10.8%, the highest since the Great Depression. July 1: The "PG-13" rating for movies is added to existing rating classes used by the Motion Picture Association of America, and first applied to John Milius's "Red Dawn.". [17] In the wake of the 1973 oil crisis and the 1979 energy crisis, stagflation began to afflict the economy. This period usually includes declines in industrial and agricultural production, trade, incomes, stock markets, consumer spending, and levels of employment. [27], One consequence of the FHLBB's lack of enforcement abilities was the promotion of deregulation and of aggressive, expanded lending to forestall insolvency. 1980 Recession (January 1980 to July 1980) Inflation rates rose throughout the late-1970s, reaching double-digit levels in 1979 and peaking at 22% in 1980. 1921-1941. Sept. 8: The syndicated talk Oprah Winfrey Show airs nationally. By October 1982, inflation had fallen to 5 percent and long-run interest rates began to decline. How Many U.S. Presidents Have Been Assassinated? The economy was already in weak shape coming into the downturn, as a recession in 1980 had left unemployment at about 7.5 percent. The nation's Gross National Product grew substantially during the 1980s; from 1982 to 1987, the U.S. economy created more than 13 million new jobs. Moffatt, Mike. Depositors rush to withdraw their bank savings, causing the collapse of 246 other U.S. banks. Early 1980s - Ireland faces severe economic problems, with rising debt and unemployment . [18] Nearly two million people left the unemployment rolls. 1970 In the first deployment, U.S. marines helped oversee the withdrawal . Jan. 28: The R&B single written by Michael Jackson and Lionel Richie called "We Are The World" is recorded by more than 45 American singers; it will go on to raise $75 million to feed people in Africa. Volcker, Paul A., Dealing with Inflation: Obstacles and Opportunities, Remarks at the Alfred M. Landon Lecture Series on Public Issues, Kansas State University, Manhattan, KS, April 15, 1981a, via FRASER. 1979, and culminated precisely at the conclusion of Reagan's inaugural address on January 20, 1981. [53][54][55][56][57][58] However, the net balance of power in the US Senate was unchanged. Jan. 1: AT&T, known as the Bell System, is broken up into a series of regional telephone companies, ending its monopoly. Evolucin histrica de los procesadores. The election results proved to be a setback for Reagan and his Republicans. Oct. 1: The Walt Disney (19011966) Company opens EPCOT Center (Experimental PrototypeCommunity of Tomorrow), its second theme park in Florida after Walt Disney World. Pictures and Trivia About the Presidents of the United States. Sept. 15: Editor Al Neuharth (19242013) publishes the first edition of the nation-wide newspaper "USA Today.". In the UK, economic growth was re-established by the end of 1982, but the era of mass unemployment was far from over. Consequently, unemployment had gradually increased since the mid-1960s. By the 1980s the "Era of Stagnation" began to take hold of the Russian economy, which threatened to dislodge the country from its position as a world super power. (Reuters) - China this month marks 30 years since the launch of economic reforms that have transformed the country from an . Board of Governors of the Federal Reserve System. Oct. 9: Andrew Lloyd Webber's "The Phantom of the Opera" opens on Broadway, with Michael Crawford in the title role. Feb. 25: Philippine President Ferdinand Marcos is forced into exile after 20 years in office. The economy was already in weak shape coming into the downturn, as a recession in 1980 had left unemployment at about 7.5 percent. [64] Thatcher set about controlling inflation with monetarist policies and changing trade union legislation in an attempt to reduce the strikes of public-sector workers. Aug. 14: The Sega Genesis is released in the U.S. Nov. 9: The Berlin Wall falls, after an announcement by the East German government that the border checkpoints were open. Bank failures reached 42, the highest since the depression, as both the recession and high interest rates took their toll. [1] 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. As unemployment mounted, the Fed eased up, an action reminiscent of the stop-go policies the public had come to expect. Although goods producers accounted for only 30 percent of total employment at the time, they suffered 90 percent of job losses in 1982. Twice during the early 1980s the United States deployed troops to Lebanon to deal with the fall-out from the Israeli invasion. Several key industries, including housing, steel manufacturing, and automobiles, experienced a downturn from which they did not recover until the end of the next recession. As with most of the rest of the developed world, recession hit the United Kingdom at the beginning of the 1980s. 25 July 1948 Berlin Airlift begins after Soviet forces blockade the city In June 1948, the Soviet Union began a blockade of Berlin, which had been divided into occupation zones by the victorious. It fell back to $150 billion in 1987, but then started growing again. By April 1983, Britain, once known globally as the "workshop of the world" became a net importer of goods for the first time in modern times. [60], By November 1984, voter anger at the recession had evaporated, and Reagan's re-election was certain. Ireland profile - Timeline. [72] In 1985, the economy had been out of recession for three years, but unemployment remained stubbornly high. Federal Reserve Bank of St. Louis. 31 October 2013. Note ", "Michigan again sets the pace in unemployment", "State's jobless rate trails only Michigan, West Virginia", "W.Va. ranked No. Published. Oct. 28: Following extensive renovations, the Statue of Liberty celebrates its centennial. [8] The lingering effects of the recession combined with mechanization and companies downsizing to complete internationally, kept Canada's unemployment rates above 10% until 1986. The stock market crashed, recording a record 22.6% drop in one day. [27], Federal deregulation also encouraged state legislatures to deregulate state-chartered S&Ls. Automation takes hold. 1980s | 1990s | 2000s The 1970's The 1970s Rapidly rising oil prices create an inflationary spiral, which raises interest rates. March 9: U2 releases its "Joshua Tree" album. 0. The recession came at a particularly bad time for banks because of a recent wave of deregulation. As a result, the Federal Reserve raised . Dec. 1: The first annual World AIDS Day is held. Until the 1980s, savings and loans had limited lending powers and so the FHLBB was a relatively small agency, overseeing a quiet, stable industry. Linea del tiempo Estadistica. Nepal has eight of the world's highest mountains including Mount Everest, the highest point on Earth. Oct. 31: India's prime minister Indira Gandhi (19171984) is shot and killed by two of her bodyguards, an assassination followed by the four-day long Anti-Sikh Riots in which thousands of Indians are killed. In Pyramid symbolism, if a "New Corridor" is discovered, this is (ahem) huge. By early 1988, it was below 2.5 million; by early 1989, it fell below 2 million. However, an economic recovery, combined with the Falklands War, led to the Thatcher-led Conservative Party winning 42.4% of votes for a parliamentary majority in the general election in 1983. ThoughtCo, Feb. 16, 2021, thoughtco.com/us-economy-in-the-1980s-1148148. A deep recession struck america , hitting almost all sections of the country. [37], The recession, which has been termed the "Reagan recession",[38][39][40] coupled with budget cuts, which were enacted in 1981 but began to take effect only in 1982, led many voters to believe that Reagan was insensitive to the needs of average citizens and favored the wealthy. Indira Gandhi, India's first female prime minister, was assassinated on Oct. 31, 1984. [2] 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,[1] the US savings and loans crisis, and a general adoption of neoliberal economic policies throughout the 1990s. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Moffatt, Mike. May 15: Soviet Troops begin pulling out of Afghanistan after nine years of armed conflict. The History of American Banking. While economists debate the relative importance of the factors that motivated and perpetuated inflation for more than a decade, there is little debate about its source. [dubious discuss][67] Areas of Tyneside, Yorkshire, Merseyside, South Wales, Western Scotland and the West Midlands were particularly hard hit by the loss of industry and subsequent sharp rise in unemployment. [10] Canada's inflation rate was 10.2% for 1980 overall, rising to 12.5% for 1981 and 10.8% for 1982 before dropping to 5.8% for 1983. Biography of Ronald Reagan, 40th President of the United States, Grenada Invasion: History and Significance, U.S. Policy in the Middle East: 1945 to 2008, The Iran-Contra Affair: Ronald Reagans Arms Sales Scandal, World History Events in the Decade 1910-1919. -. [22], Inflation, which had averaged 3.2% annually since World War II had more than doubled after the 1973 oil shock, to a 7.7% annual rate. Go Back in Time With This 1980s History Timeline. (2021, February 16). the national debt had reached an all time high of 3.7 trillion, Great Depression in the Americas Timeline Activity (1929-1939)(HL), The Great Depression and New Deal 1920s-1941, World War I, the Treaty of Versailles, and the Great Depression, Economics Hundred Years Timeline Provenzano, Econmic Events from Jan. 1, 1900 - Dec. 31,2010, Economics Hundred Years Timeline - Sukowski, The Great depression Made By Max M & Dakota D. What's the Difference? May 1: The World's Fair begins in Knoxville, Tennessee. [18] In mid-1982, Rockford, Illinois, had the highest unemployment of all metro areas, at 25%. [10][12] Yukon's mining industry was also particularly hard hit and more than 70,000 of 115,000 miners across the country were out of work by the end of 1982. Sally Ride became the first American woman in outer space when the space shuttle Challenger was launched on June 19, 1983. Despite this, long-run interest rates continued to rise. 1980s economic evevnts. A Reality Check", "Report for Selected Countries and Subjects", "Trends, Peaks, and Troughs: National and Regional Employment Cycles in Canada", "1980-82 Early 1980s Recession - Timeline - Slaying the Dragon of Debt - Regional Oral History Office - University of California, Berkeley", "Did the Federal Reserve Cause the Recession? "The Recession of 1981/1982 in the Context of Postwar Recessions. In Outline of the U.S. Economy, Christopher Conte and Albert R. Karr point to the lasting impacts of the 1970s, Reaganism, and the Federal Reserve. Only in Southeast England did unemployment remain below 10%. https://www.thoughtco.com/us-economy-in-the-1980s-1148148 (accessed March 5, 2023). Nov. 30: 24-year-old pop star Michael Jackson releases his best-selling album "Thriller.". The threat of inflation was not completely gone, as the Fed would face a number of inflation scares throughout the 1980s. April 27: Media tycoon Ted Turner (born 1938) announces the creation of CNN, the first 24-hour cable news network. It would become one of the most popular arcade games of the decade. Jan. 20: George H. W. Bush is inaugurated as president. Oct. 23: The U.S. Marine barracks in Beirut, Lebanon, is bombed by terrorist, killing 241 military personnel. By the end of the 1980s, the economy was in a shamblesshortages of food, massive budget debts, and immense growth in money supply led to inflation. Historia de la educacion ambiental. Inflation reached 9.1% in 1975, the highest rate since 1947. Written as of November 22, 2013. The Tax Equity and Fiscal Responsibility Act of 1982 instituted a three-year, $100 billion tax hike, the largest tax increase since the Second World War.[52]. [5] As with other G7 countries, Canada had two separate economic contractions in the early 1980s. At the time, the CCEA was chaired by Treasury Secretary Donald Regan. Nov. 13: Architect Maya Lin's Vietnam War Memorial is established in Washington DC as a National Memorial. On this Wikipedia the language links are at the top of the page across from the article title. Inflation . Oct. 25: U.S. troops invade the Caribbean island of Grenada, ordered by Ronald Reagan to counter the Marxist government threats to residential Americans. [1] The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States, Canada, West Germany, Italy, the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order to control the inflation. At the very beginning of the 2010s, government spending contributed to a big chunk of economic growth, as the 2009 stimulus played out and social programs like unemployment benefits and food . Economics Hundred Years Timeline- Bremer. The long history of efforts to win national healthcare in the United States is, in the words of one scholar, "a drama in too many acts."Below is a timeline of national health reform efforts in Congress, which links to hundreds of pages of legislation, Congressional analysis, and public hearings.This timeline encompasses the complete transformation of medical care in the United States, the . All 259 passengers and crew were killed. The FDIC listed another 540 banks as "problem banks", on the verge of failure. It also discusses issues and factors which will likely influence Iraq's future economic prospects. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The 70s had everything except stability. Brit History: Ten Most Important Events in British History of the 1980s September 8, 2021 By John Rabon No Comments Shoulder pads, Cold War, Thatcherism, the Falklands, Privatization, and Hip Hop. It is a landlocked country in South Asia, and borders India, Tibet and Bangladesh.