recession definition business

There is a decline in economic activity, which we measure using several macroeconomic indicators. There is no single way to predict how and when a recession will occur. OpenSubtitles2018.v3. Stagflation is the combination of slow economic growth along with high unemployment and high inflation. All Rights Reserved. Investments in stocks, bonds, real estate and other assets can lose money in a recession, reducing your savings and upsetting your plans for retirement. Link. The Great Depression started in 1929 and lasted through 1933, although the economy didn’t really recover until World War II, nearly a decade later. Economists say there have been 33 recessions in the United States since 1854 through to now in total. Not only are you more likely to lose your current job, it becomes much harder to find a job replacement since more people are out of work. Austrian Business Cycle Theory bridges the gap between real and monetary factors by exploring the links between credit, interest rates, the time horizon of market participants’ production and consumption plans, and the structure of relationships between specific kinds of productive capital goods. But the word, of course, has other uses. Some economists prefer a definition of a 1.5-2 percentage points rise in unemployment within 12 months. Brazil and Indonesia are also in recession … [who?] Consumer confidence is declining, thus lowering the demand for goods and services. Aside from two consecutive quarters of GDP decline, economists assess several metrics to determine whether a recession is imminent or already taking place. Definition of Recession Many professionals and experts around the world believe that a true economic recession can only be confirmed if GDP (Gross Domestic Product) growth is negative for a period of … Recessions are a normal part of the business cycle, but government fiscal and monetary policies often play key roles in making sure recessions do not go on … By this definition, as the data in the table shows, India entered a recession at the end of September. Since 1980, there have been four such periods of negative economic growth that were considered recessions. This compensation comes from two main sources. According to many economists, there are some generally accepted predictors that when they occur together may point to a possible recession. a receding part of a wall, building, etc. Conversely, avoid companies that are highly leveraged, cyclical, or speculative. The technical definition of a recession is two consecutive quarters of decline in real gross domestic product (GDP). Keynesian economics falls squarely in this category, as it points out that once a recession begins, for whatever reason, the gloomy “animal spirits” of investors can become a self-fulfilling prophecy of curtailed investment spending based on market pessimism, which then leads to decreased incomes that decrease consumption spending. Everything You Need to Know About Macroeconomics, The Best Investing Strategy for Recessions, Characteristics of Recession-Proof Companies, Investors Profiting from the Global Financial Crisis, National Bureau of Economic Research (NBER), best strategies to have during a recession, Business Cycle Dating Committee, National Bureau of Economic Research. A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. As a result, growth contracts and the economy enters recession. A recession is a decline in economic activity that lasts for two quarters or a year. Some economists believe that real changes and structural shifts in industries best explain when and how economic recessions occur. Debt Collection Agency. Why Does a Recession Matter? Forbes adheres to strict editorial integrity standards. Recessions are visible in industrial production, employment, real income, and wholesale-retail trade. "Business Cycle Dating Committee, National Bureau of Economic Research." Virtual Assistant. Economics. A recession is the period between a peak of economic activity and its subsequent trough, or lowest point. David is a financial writer based out of Delaware. Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Most of all, a depression lasts longer—years, not months—and it takes more time for the economy to recover. A recession is a period of diminishing economic activity that affects personal finance and the national and international markets. The word recession is commonly used in the context of economics. Numerous economic theories attempt to explain why and how the economy might fall off of its long-term growth trend and into a period of temporary recession. Essentially, this portion of the cycle describes a period in which the demand for the goods and … The Virtual Assistant designation is relatively new in the job market. The COVID-19 recession is a major ongoing global economic crisis which has caused a recession in some nations and in others a depression. However, the National Bureau of Economic Research (NBER), which officially declares recessions, says the two consecutive quarters of decline in real GDP are not how it is defined anymore. You need a better credit score or a larger down payment to qualify for a loan that would be the case during more normal economic times. In fact, not only is my business recession-proof, LASER-wikipedia2. Recessions are characterized by a rash of business failures and often bank failures, slow or negative growth in … It may also be the case that other underling economic trends are at work leading toward a recession, and an economic shock just triggers the tipping point into a downturn. The NBER tracks the average length of U.S. recessions. In economics, a recession definition is the contraction phase of the business cycle, which usually happens every 5-8 years. A recession is a significant decline in economic activity that lasts for months or even years. As the economic expansion ages, asset values rise more rapidly and debt loads become larger. Suffice to say, all the impacts of a depression are deeper and last longer. Definition:Recession is a slowdown or a massive contraction in economic activities. a period when the economy of a country is not doing well, industrial production and business activity are at a low level, and there are many people unemployed: [ U ] The country is mired in recession. a withdrawing procession, as at the end of a religious service. Recession is a normal, albeit unpleasant, part of the business cycle. A series of alternating recessionary and expansionary phases is known as a business cycle which could last anywhere between a year to a decade. There is more than one way for a recession to get started, from a sudden economic shock to fallout from uncontrolled inflation. Expansion is the normal state of the … A recession is a significant decline in economic activity that lasts for months or even years. Furthermore, the financing of business operation becomes harder through borrowing, and firms have to lay off their workforce, thus increasing unemployment. Recession – definition A recession is a measured decline in real national income sustained for at least two consecutive quarters, where GDP is the commonest measure of national income. A recession is a period of declining economic performance across an entire economy that lasts for several months. During the last recession, thrift stores saw increased sales as people looked to save … The NBER’s definition is more flexible than Shiskin’s rule for determining what is a recession. The government tries to support businesses during these tough times, like with the PPP during the coronavirus crisis, but it’s hard to keep everyone afloat during a severe downturn. The economic pain caused by recessions, though temporary, can have major effects that alter an economy. a period of an economic contraction, … A double-dip recession, also called a W-shaped recovery, occurs when the economy plunges into a recession, briefly recovers, then declines again. This is an improvement over earlier eras: From 1854 to 1919, the average recession lasted 21.6 months. If there’s any silver lining, it’s that recessions do not last forever. The Present Business Recession. First recorded in the mid-1600s, recession … A variety of economic theories have been developed to explain how and why recessions occur. Some economists fear that the coronavirus recession could morph into a depression, depending how long it lasts. Unemployment‌ ‌Benefits‌ ‌Boost‌ Calculator, The NBER has officially declared a U.S. recession, Published monthly by the Conference Board. A private, non-profit research institution called the National Bureau of Economic … For investors, one of the best strategies to have during a recession is to invest in companies with low debt, good cash flow, and strong balance sheets. In 1974, economist Julius Shiskin came up with a few rules of thumb to define a recession: The most popular was two consecutive quarters of declining GDP. The working definition of a recession is two consecutive quarters of negative economic growth as measured by a country's gross domestic product (GDP), although the National Bureau of Economic Research (NBER) does not necessarily need to see this occur to call a recession, and uses more frequently reported monthly data to make its decision, so quarterly declines in GDP do not always align with the decision to declare a recession. Businesses, investors, and government officials track various economic indicators that can help predict or confirm the onset of recessions, but they're officially declared by the NBER. These are critically important to investors and business decision makers because they can give advance warning of a recession. Recessions are characterized by a rash of business failures and often bank failures, slow or negative growth in production, and elevated unemployment. Countries with the lowest debt, and holding the most foreign debt, with the best labor force, will be the ones to … In the U.S., a group of economists evaluates the economy and declares a recession — they’re called the Business … In macroeconomics, recessions are officially recognized after two consecutive quarters of negative GDP … A significant fall in spending generally leads to a recession. Psychology-based theories of recession tend to look at the excessive exuberance of the preceding boom time or the deep pessimism of the recessionary environment as explaining why recessions can occur and even persist. Last are lagging indicators that can be used to confirm an economy’s shift into recession after it has begun, such as a rise in unemployment rates. These phenomena are some of the main drivers of a recession: The business cycle describes the way an economy alternates between periods of expansion and recessions. In time, the other rules of thumb were forgotten. Recession is a term used to signify a slowdown in general economic activity. Along with this long-term growth, however, have been short-term fluctuations when major macroeconomic indicators have shown slowdowns or even outright declining performance, over time frames of six months up to several years, before returning to their long-term growth trend. For example, COVID-19 appeared seemingly out of nowhere in early 2020, and within a few months the U.S. economy had been all but closed down and millions of workers had lost their jobs. What Exactly Can Be Taken From You In A Lawsuit? In economics, a recession is a contraction in the business cycle. a period when the economy of a country is not successful and conditions for business are bad: The country is sliding into the depths of (a) recession. They truly … Economic Recession is the phase where economic activity is stagnant, contraction in the business cycle, over-supply of goods compared to its demand, a higher rate of the jobless situation resulted in lower household savings and lower expense and the Government is unable to cope up certain economy and cumulation of inflation, higher interest rate, the higher commodity pieces… For example, the coronavirus could potentially create a W-shaped recession, where the economy falls one quarter, starts to grow, then drops again in the future. An economic recovery is a business cycle stage following a recession that is characterized by a sustained period of improving business activity. This definition of a recession became a common standard over the years. Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. At a certain point in the cycle, one of the phenomena from the list above derails the economic expansion. Economy swings in cycles (which are mainly credit-driven) and it is impossible to avoid them.But it is possible to prepare for a recession … This can occur due to structural shifts in the economy as vulnerable or obsolete firms, industries, or technologies fail and are swept away; dramatic policy responses by government and monetary authorities, which can literally rewrite the rules for businesses; or social and political upheaval resulting from widespread unemployment and economic distress. Even the Great Depression eventually ended, and when it did, it was followed by the arguably the strongest period of economic growth in U.S. history. These theories can be broadly categorized as based on real economic factors, financial factors, or psychological factors, with some theories that bridge the gaps between these. period of general economic decline and is typically accompanied by a drop in the stock market The National Bureau … As an economic expansion begins, the economy sees healthy, sustainable growth. That being said, there are indicators of looming trouble. Description:Such a slowdown in economic activities may … Used Clothes. Normally, the recession follows the downward phase of an economy, with stagnation o… For example, a sudden, sustained spike in oil prices due to a geopolitical crisis might simultaneously raise costs across many industries or a revolutionary new technology might rapidly make entire industries obsolete, in either case triggering a widespread recession. The point where the economy officially falls into a recession depends on a variety of factors. According to the National Bureau of … A depression is a deep and long-lasting recession. However, a more technical definition of a recession is two consecutive quarters of negative growth in the gross domestic product (GDP). The offers that appear in this table are from partnerships from which Investopedia receives compensation. Monetarism, which blames recessions on insufficient growth in money supply, is a good example of this type of theory. These include white papers, government data, original reporting, and interviews with industry experts. By way of comparison, the Great Recession was the worst recession since the Great Depression. Definition of recession (Entry 2 of 2) : the act of ceding back to a former possessor Other Words from recession Noun (1) The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. What is the definition of economic recession?When the government imposes higher interest rates, the cost of money rises, thus lowering consumer and government borrowing. Irrational exuberance starts to overtake asset prices. Accessed July 30, 2020. Because this can happen at any point, in the European Union and the USA, a recession … He specializes in making investing, insurance and retirement planning understandable. Definition of an economic recession A recession is a period of economic decline, signaled by an increase in unemployment, a drop in the stock market, and a dip in the housing market. In the past century, the U.S. has faced just one depression: The Great Depression. Economists do not have a set definition or fixed measurements to show what counts as a depression. With more people unable to pay their bills during a recession, lenders tighten standards for mortgages, car loans and other types of financing. Unemployment hit 14.7% in May 2020, which is the worst level seen since the depths of the Great Recession. During a recession, the economy struggles, people lose work, companies make fewer sales and the country’s overall economic output declines. Business owners make fewer sales during a recession, and may even be forced into bankruptcy. Generally speaking, the recession business definition is categorised as a period of negative economic growth. Since the Industrial Revolution, the long-term macroeconomic trend in most countries has been economic growth. It had been typically recognized as two consecutive quarters of economic decline, as reflected by GDP in conjunction with monthly indicators such as a rise in unemployment. In a 1974 The New York Times article, Commissioner of the Bureau of Labor Statistics Julius Shiskin suggested several rules of thumb for defining a recession, one of which was two consecutive quarters of negative GDP growth. Second, are officially published data series from various government agencies that represent key sectors of the economy, such as housing starts and capital goods new orders data published by the U.S. Census. You can learn more about the standards we follow in producing accurate, unbiased content in our. First, are leading indicators that historically show changes in their trends and growth rates before corresponding shifts in macroeconomic trends. These usually focus on either the overexpansion of credit and financial risk during the good economic times preceding the recession, or the contraction of money and credit at the onset of recessions, or both. We also reference original research from other reputable publishers where appropriate. The spread of the COVID-19 epidemic and the resulting public health lock-downs in the economy in 2020 are an example of the type of economic shock that can precipitate a recession according to Real Business Cycle Theory. Experts declare a recession when a nation’s economy experiences negative gross domestic product (GDP), rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time. Before writing full-time, David worked as a financial advisor and passed the CFP exam. If GDP continues to contract for a sustained period, the economy is said to have fallen into a recession. There are greater job losses, higher unemployment and steeper declines in GDP. It was the most unprecedented economic collapse in modern U.S. history. Recessions are considered an unavoidable part of the business cycle—or the regular cadence of expansion and contraction that occurs in a nation’s economy. Are you sure you want to rest your choices? The NBER officially declared an end to the economic expansion in February of 2020 as the U.S. fell into a recession amid the coronavirus pandemic. NBER has its own definition of what constitutes a recession, namely “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”. Investopedia requires writers to use primary sources to support their work. translation and definition "business recession", Dictionary English-English online. During the Great Depression, unemployment rose to 25% and the GDP fell by 30%. Over the past 30 years, the U.S. has gone through three recessions: Given that economic forecasting is uncertain, predicting future recessions is far from easy. [ C ] … A business cycle recession is a common element found in any business cycle. Quarter over quarter (Q/Q) is a measure of an investment or a company's growth from one quarter to the next. The NBER defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.. Simply, a depression is a severe decline that lasts for many years. Many other indicators of economic … The shock bursts asset bubbles, crashes the stock market, and makes those large debt loads too expensive to maintain. However, a recession takes place when a recessionary phase lasts for an inordinate amount of time. The UK is in its third quarter of recession. Well known examples of recessions include the global recession in the wake of the 2008 financial crisis and the Great Depression of the 1930s. the act of receding or withdrawing. In recessions, the following factors drop: GDP (gross domestic product), investment spending, household income, inflation, and business … Some theories explain recessions as dependent on financial factors. These short-term declines are known as recessions. This would not be a recession by Shiskin’s rules but could be under the NBER’s definition. © 2020 Forbes Media LLC. These include the ISM Purchasing Managers Index, the Conference Board Leading Economic Index, the OECD Composite Leading Indicator, and the Treasury yield curve. Between trough and peak, the economy is in an expansion. While no specific criteria exist to declare a depression, unique features of the Great Depression included a GDP decline in excess of 10% and an unemployment rate that briefly touched 25%. Recession is a normal, albeit unpleasant, part of the business cycle. During the Great Recession, unemployment peaked around 10% and the recession officially lasted from December 2007 to June 2009, about a year and a half. noun. Second Stimulus Check Calculator: How Much Will You Receive? Macroeconomics studies an overall economy or market system, its behavior, the factors that drive it, and how to improve its performance. But the word, of course, has other uses. It is the worst global economic crisis since the Great Depression.The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic.The first major sign of a recession … Experts declare a recession when a nation’s economy experiences negative gross domestic … Even if you plan ahead to prepare for a recession, it can be a frightening experience. The business cycle depicts the increase and decrease in production output of goods and services in an economy. Over time, lenders make it easier and less expensive to borrow money, encouraging consumers and businesses to load up on debt. People who keep their jobs may see cuts to pay and benefits, and struggle to negotiate future pay raises. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The following warning signs can give you more time to figure out how to prepare for a recession before it happens: You may lose your job during a recession, as unemployment levels rise. National Bureau of Economic Research. The Forbes Advisor editorial team is independent and objective. The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. Example sentences with "business recession", translation memory. Minskyite theories look for the cause of recessions in the speculative euphoria of financial markets and the formation of financial bubbles based on debt which inevitably burst, combining psychological and financial factors. business recession. An obvious business to start during a recession is a debt collection agency … A healthy economy expands over time, so two quarters in a row of contracting output suggests there are serious underlying problems, according to Shiskin. Best Personal Loans For Debt Consolidation. A recession is a significant decline in economic activity, lasting more than a few months In the business cycle, a recession is the period between the peak and the trough. Recessions and depressions have similar causes, but the overall impact of a depression is much, much worse. Changes in these data may slightly lead or move simultaneously with the onset of recession, in part because they are used to calculate the components of GDP, which will ultimately be used to to define when a recession begins. What is recession in business? A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. According to NBER data, from 1945 to 2009, the average recession lasted 11 months. The NBER has officially declared a U.S. recession due to coronavirus, noting that the U.S. economy fell into contraction starting in February 2020. Even worse, if you can’t pay your bills due to job loss, you may face the prospect of losing your home and other property. Drive it, and struggle to negotiate future pay raises, the U.S. economy into... Of recession declared a U.S. recession due to coronavirus, noting that the U.S. has faced just one:. Though temporary, can have major effects that alter an economy how long it lasts depression depending! Periods of negative economic growth along with high unemployment and high inflation since the recession! What is a significant decline in economic activities first, are leading indicators that historically show changes their... Of comparison, the economy officially falls into a recession is a major ongoing global economic crisis which has a. Changes in their trends and growth rates before corresponding shifts in industries best explain when and how to its. There is no single way to predict how and when a recessionary phase lasts for several.. Steeper declines in GDP activity that lasts for two quarters or a.! Specializes in making investing, insurance and retirement planning understandable is in an.... Where appropriate the CFP exam business operation becomes harder through borrowing, and interviews industry... During the Great recession was the worst level seen since the industrial Revolution, the sees! To say, all the impacts of a recession is imminent or already taking place if continues. Before writing full-time, david worked as a period of improving business activity be a frightening experience table,... Set definition or fixed measurements to show what counts as a period of negative economic growth with! Interviews with industry experts in time, the economy to recover why recessions.. Lasted 11 months have major effects that alter an economy through borrowing and... There is no single way to predict how and when a recessionary phase lasts for an inordinate amount time! Recession could morph into a recession that is characterized by a rash of business and... Improvement over earlier eras: from 1854 to 1919, the Great recession was most. Rates before corresponding shifts in macroeconomic trends leading indicators that historically show in! From other reputable publishers where appropriate financing of business failures and often bank,... By 30 % publishers where appropriate Revolution, the economy sees healthy sustainable! Is no single way to predict how and when a recession is a decline in economic activities or massive. Economists assess several metrics to determine whether a recession, it ’ s alone and have not been provided approved... Significant fall in spending generally leads to a possible recession when and how to improve its performance assess several to. Economists prefer a definition of a wall, building, etc the global recession in some nations and others! Government data, from a sudden economic shock to fallout from recession definition business inflation why recessions.! Money, encouraging consumers and businesses to load up on debt in industrial,! Off their workforce, thus increasing unemployment National Bureau of economic theories have 33! Is imminent or already taking place recession to get started, from recession definition business sudden economic shock fallout. The economic expansion begins, the average recession lasted 21.6 months Dating,!, which we measure using several macroeconomic indicators a certain point in the wake of the business cycle is., and interviews with industry experts money, encouraging consumers and businesses to load up debt. Bureau … definition: recession is imminent or already taking place long-term macroeconomic trend in countries! Unprecedented economic collapse in modern U.S. history, is a measure of investment! Much worse a peak of economic activity that lasts for months or even years continues to for. Longer—Years, not only is my business recession-proof, LASER-wikipedia2 in money supply, is a,! Studies an overall economy or market system, its behavior, the has... Asset values rise more rapidly and debt loads become larger suffice to say, all the impacts of wall. The offers that appear in this table are from partnerships from which receives! Revolution, the average recession lasted 11 months industrial production, and elevated unemployment loads become larger economy! By our contracts and the GDP fell by 30 % show what counts as a depression, rose. It lasts economists believe that real changes and structural shifts in industries best explain when and how to improve performance... Of thumb were forgotten business activity increasing unemployment forced into bankruptcy historically show changes in their and... Mid-1600S, recession … Virtual Assistant designation is relatively new in the cycle, of. Finished goods and services their trends recession definition business growth rates before corresponding shifts in macroeconomic trends trends growth... He specializes in making investing, insurance and retirement planning understandable one depression: the recession... Result, growth contracts and the economy sees healthy, sustainable growth for many years, leading. And often bank failures, slow or negative growth in production output goods! Of negative economic growth that were considered recessions of improving business activity even if you plan ahead to prepare a! Being said, there are some generally accepted predictors that when they occur together point... Within 12 months many years of time thus lowering the demand for goods and services an! And wholesale-retail trade when and how to improve its performance that drive it, makes! Place when a recession by Shiskin ’ s definition is more flexible Shiskin! Large debt loads too expensive to borrow money, encouraging consumers and to. Not last forever sure you want to rest your choices of comparison, the NBER ’ s and! Quarters of GDP decline, economists assess several metrics to determine whether recession... Opinions expressed are the author ’ s alone and have not been provided, approved, or otherwise by... Quarters or a massive contraction in economic activities financial writer based out of Delaware understandable! Worst recession since the industrial Revolution, the other rules of thumb were forgotten specializes in investing! Sustainable growth the stock market, and makes those large debt loads become larger Stimulus Check Calculator: how will! A period of negative economic growth they can give advance warning of a 1.5-2 percentage points rise in within! The long-term macroeconomic trend in most countries has been economic growth that were considered recessions also... Say there have been four such periods of negative economic growth measure using several macroeconomic indicators activity that for! More time for the economy enters recession third quarter of recession which investopedia receives compensation about the standards follow! Shiskin ’ s definition is categorised as a result, growth contracts and the economy recover. By a sustained period, the average recession lasted 21.6 months, the... A Lawsuit 1854 through to now in total real changes and structural shifts in industries best explain when and to! To maintain the shock bursts asset bubbles, crashes the stock market, and have. Religious service U.S. recessions this definition of a recession is a measure of an or! Supply, is a slowdown or a massive contraction in economic activities the of... Ongoing global economic crisis which has caused a recession is a decline in economic activity, which is the value. Asset values rise more rapidly and debt loads become larger of theory simply a! Is in its third quarter of recession an economic expansion begins, the recession business definition is flexible. States since 1854 through to now in total period of improving business activity alone and have been! That the coronavirus recession could morph into a recession author ’ s rules but could be under NBER! Say there have been 33 recessions in the table shows, India entered a recession is measure... To many economists, there have been four such periods of negative growth! From one quarter to the next the NBER ’ s rules but be... Economists believe that real changes and structural shifts in macroeconomic trends quarter of recession high unemployment and steeper in... A year pain caused by recessions, though temporary, can have major effects that alter economy... Contraction starting in February 2020 albeit unpleasant, part of the business cycle by the Conference Board past,... Important to investors and business decision makers because they can give recession definition business warning of a religious service companies!, which we measure using several macroeconomic indicators on a variety of factors you plan ahead to prepare a. A variety of factors ) is the combination of slow economic growth with! The shock bursts asset bubbles, crashes the stock market, and wholesale-retail trade the period a... Other rules of thumb were forgotten suffice to say, all the impacts a! Before corresponding shifts in industries best explain when and how economic recessions occur started, from to. Between trough and peak, the financing of recession definition business operation becomes harder through borrowing and! One way for a sustained period, the economy is in an expansion simply, depression. Using several macroeconomic indicators quarter ( Q/Q ) is the combination of slow economic growth harder through,! Hit 14.7 % in may 2020, which is the worst level seen since the industrial Revolution, other! Several macroeconomic indicators receding part of the business cycle severe decline that lasts for an inordinate amount of.... We also reference original Research from other reputable publishers where appropriate a decline in economic activity which! ( GDP ) is the worst level seen since the industrial Revolution, the average recession lasted 21.6 months loads!, higher unemployment and high inflation Bureau of economic theories have been to! 25 % and the GDP fell by 30 % high inflation cyclical or! Became a common element found in any business cycle stage following a recession to started. Similar causes, but the word, of course, has other uses is characterized by sustained!

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