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A recession is defined as a contraction of the business cycle involving a broad decline in economic activity.
In economics, a recession is a business-cycle contraction marked by a broad decline in economic activity. It typically occurs when there is a widespread drop in spending, often described as an adverse demand shock, though it can be triggered by events such as financial crises, external trade shocks, adverse supply shocks, bursting economic bubbles, or major disasters (including pandemics).
A recession is defined as a contraction of the business cycle involving a broad decline in economic activity.
Recessions are commonly associated with widespread declines in spending (adverse demand shocks), though multiple types of shocks can trigger them.
There is no single official global definition; different institutions use different criteria (e.g., NBER in the U.S., GDP-based rules in the UK/Canada, and broader indicator approaches in the EU).
A recession is a business-cycle contraction involving a period of broad decline in economic activity.
A widespread reduction in spending that contributes to a downturn in economic activity.
The U.S. authority that dates recessions and defines them as a significant decline in economic activity spread across the economy lasting more than a few months.
A measure comparing actual output to potential output, used in some definitions of recession (e.g., OECD).
A recession defined by declines in GDP per capita rather than declines in total GDP.
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