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A recession is commonly 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", [ 3][ 4][ 5] or as "a negative economic growth for two consecutive quarters."
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. Economic depression may be related to one specific country where there is some economic crisis that has worsened but most often reflexes historically the American Great Depression and similar economic status that may be recognized as ...
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%
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.
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
ISBN. 978-0393337808. The Return of Depression Economics and the Crisis of 2008 is a non-fiction book by American economist and Nobel Prize winner Paul Krugman, written in response to growing socio-political discourse on the return of economic conditions similar to The Great Depression. [1] The book was first published in 1999 and later updated ...
The Great Recession was a period of marked decline in economies around the world that occurred in the late 2000s. The scale and timing of the recession varied from country to country (see map). [1] [2] At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression.
Economists first named a period of time the Great Depression in 1893. In 1933 they changed their minds. Throughout modern economic history, the business cycle has experienced an abnormally severe ...