Recession (economics)

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Definition

In economics usage, the term recession is conventionally defined (except in official pronouncements by the United States government) as two consecutive quarters of negative growth of gross domestic product. In the United States, the official designation of an economic situation as a recession is the responsibility of the National Bureau of Economic Research [1].

The nature of recessions

References

  1. ↑ Recession: how is that defined?, Bureau of Economics, US Department of Commerce
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