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The recession of 2020, was the shortest and steepest in U.S. history and marked the end of 128 months of expansion. Key Predictors, Indicators and Warning Signs of a Recession
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".
GDP provides a good insight into what has already been taking place in the economy. A contraction in GDP, especially if it occurs for two consecutive quarters, [118] is a strong indicator of a recession as it reflects reduced economic activity, lower consumer demand, and decreased employment. GDP per capita contraction [119]
In the resource scarcity scenario (Zinam 1982), stagflation results when a restricted supply of raw materials inhibits economic growth. [ 24 ] [ 25 ] That is, when the supply of basic materials (fossil fuels (energy), minerals, agricultural land in production, timber, etc.) decreases and/or cannot rise fast enough to respond to demand.
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The economy grew at a revised annual pace of 4.5% in April-June and 3.7% in the January-March, the latest figures showed. The earlier estimate for the April-June quarter was of a 6% annual expansion.
Economists Ailsa McKay and Margunn Bjørnholt argued that the financial crisis and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession, and call for a reshaping of both the economy, economic theory and the economics profession.
This is an accepted version of this page This is the latest accepted revision, reviewed on 21 February 2025. 2013 tax increase and spending decrease This article is part of a series on the Budget and debt in the United States of America Major dimensions Economy Expenditures Federal budget Financial position Military budget Public debt Taxation Unemployment Gov't spending Programs Medicare ...