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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."
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".
The gross domestic product sometimes doesn’t decline in a recession, but it dropped 5.0% in the first quarter of 2020 and 32.9% in the second quarter. ... By definition, a recession has to last ...
Percent Change in Real GDP (annualized; seasonally adjusted); Average GDP growth 1950–2000 Source: Penn World Tables. An L-shaped recession or depression occurs when an economy has a severe recession and does not return to trend line growth [8] for many years, if ever. The steep decline, is followed by a flat line makes the shape of an L.
Recession Period. Start. End. Total Time Elapsed. The Great Depression–Late ’20s and Early ’30s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 Financial Crisis
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
"A 'technical recession' is defined as two consecutive quarters of negative GDP growth," the firm's economists led by Michael Gapan said in a new report out Friday morning.
The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling 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"). [3]