A recession is associated with high unemployment, slowing gross domestic product, and. The start and end dates are determined by the business cycle dating. The national bureaus business cycle dating committee maintains a chronology of the u. Period of general economic decline, defined usually as a contraction in the gdp for six months two consecutive quarters or longer. In the uk, the standard text book definition of a recession is. Definition of recession in the financial dictionary by free online english dictionary and. The period from a peak to a trough is a recession and the period from a trough to a peak is an expansion.
The nbers business cycle dating committee defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression. Glossary of important business, economic, and financial history terms. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. This may occur due to effective business planning, or because of adoption of a business model focusing on recession resistant goods and services. A recession means there is a fall in real national output and real national income. A recession is often defined as real gdp falling for two successive quarters, but the. Glossary of terminology and definitions for business and management.
The oil price increases sent europe into deep recession. Recession meaning in the cambridge english dictionary. The chronology identifies the dates of peaks and troughs that frame economic recession or expansion. A recession is a significant decline in economic activity, lasting more than a few months. It is visible in industrial production, employment, real income and wholesale. This means there must be a fall in real output for a period of 6 months. Although recessions are considered a normal part of a capitalist economy, there is no unanimity of economists on its causes. A recession is a period when the economy of a country is doing badly, for example because industry is producing less and more people are becoming unemployed. In the business cycle, a recession is the period between the peak and.
The term is from jerry b harveys book the abilene paradox and other. Negative economic growth for two consecutive quarters. On some issues concerning definition of economic recession. Definition of recession noun in oxford advanced learners dictionary. From longman dictionary of contemporary english related topics. A recession is a significant decline in activity across the economy, lasting longer than a few months.
A person or company that achieves financial success during a recession relative to peers or other participants in the same industry. Recession definition and meaning collins english dictionary. A new definition of an economic recession in the previous section it was showed that a definition of an economic recession must take into account a population change over a given period of time. A recession is often defined as real gdp falling for two successive quarters, but the national bureau of economic research defines a recession as 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 wholesaleretail sales. A recession is a period of declining economic performance across an entire economy that lasts for several months. Businessdictionary is a free easytouse free business glossary with over 30,000 definitions that span across critical businessrelated topics including. Economic recession is a period of time when a nations. A recession is a period when the economy of a country is doing badly, for example. Stock exchange chiefly to replace manual systems with electronic processes. Recession definition in the cambridge english dictionary.
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