Glossary of Finance Terms - Recession |
Recession
: A recession refers to a period
of economic decline in a country's Gross
Domestic Product (GDP) for more than two
consecutive quarters. A recession is a moderate
decline in the economy when compared to
an economic
depression, but it still affects job
growth, income, unemployment, the stock
market, and overall spending on both personal
and government levels. Overall, recessions
are seen as a normal part of the business
cycle.
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Most recessions
refer to economic fluctuations on a country-wide
scale. The National Bureau of Economic Research
(NBER) in the U.S. defines recessions based
on recorded economic growth. The private
sector on the other hand, defines recession
as a large decline in economic activity
lasting more than a few months. Regardless
of who calls the recession, both affect
commercial and consumer spending.
Unlike country recessions, there are no
official economic markers to define a global
recession. In general, though, global economic
growth of less than 3% is thought to signify
a recession on a global scale
Also called : Recessionary Economy,
Global Recession.
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