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13 August, 00:09

What is a prolonged economic contraction that is not especially long or severe called?'?

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  1. 13 August, 00:19
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    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.
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