122k views
3 votes
What is a prolonged economic contraction that is not especially long or severe called?'?

1 Answer

4 votes
A prolonged economic contraction that is not especially long or severe is called recession.
When there is a significant decline in activity across the economy and this is lasting longer than a few months then we have recession.
Recession is characterized with the following:
drop in the following five economic indicators: real GDP, income, employment, manufacturing and retail sales.
User Alvaro Silvino
by
7.5k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.