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There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
Many people use a much simpler definition—a two‐quarter decline in real [GDP]. While this definition is simplistic, it has worked quite well in the past. Many have since maintained that this two-quarter rule-of-thumb is the official definition of a recession in the United States.
The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression There is no true economic marker that differentiates a recession from a depression.
A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Economic Recessions in the U.S. Recessions are a normal part of the business ...
The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes. [62] The recession also followed a period of monetary tightening. [40] Recession of 1953: July 1953 – May 1954 10 months 3 years 9 months 6.1% (September 1954) −2.6%
Talk of recession is everywhere and has been for a while. Experts have been saying for months that we are headed into a recession. But what constitutes a recession? And is there one on the way?
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
Technically, a recession is defined by economists as two consecutive months of economic retraction. But on a real-world basis, a recession is a tangible economic slowdown, usually accompanied by ...