Recession
Definition 1 of 3
Pro Tip 1/3
Negative Connotation
The term 'recession' has a negative implication, often associated with job losses and financial struggle. The last recession resulted in a high unemployment rate.
Pro Tip 2/3
Business Cycle
A recession is part of the economic cycle, following a period of growth and preceding recovery. Economists predicted the recession after years of market expansion.
Pro Tip 3/3
Official Criteria
Often defined as two consecutive quarters of negative GDP growth, which helps identify a recession. The country entered a recession after two straight quarters of contracting GDP.