An economic downturn, usually characterized by a fall in the gdp and rising unemployment, is called

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Willie Mcclure

Business

9 December, 16:27

An economic downturn, usually characterized by a fall in the gdp and rising unemployment, is called

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Patterson · Answer 1

An economic downturn, usually characterized by a fall in the gross domestic product (GDP) and rising unemployment, is called recession. If the economy declines significantly for at least six months then recession is declared. This period is characterized with reduced trade and industrial activity.