Question

What is the difference between a slowdown in economic growth and a recession?

What is the difference between a slowdown in economic growth and a recession?

Homework Answers

Answer #1

Economic Slowdown:

  • A fall in demand that causes a lowering of economic activity, less severe than a recession or slump.
  • A slowdown is limited growth over a short period of time.
  • A slowdown is characterized by slowed economic growth, but growth nonetheless.

Recession:

  • A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
  • A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough.
  • A recession is often defined as two fiscal quarters – six months – of negative growth.
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