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Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, slow means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation.
The resource shortage may be real or relative due to factors such as taxes or bad monetary policy influencing the "cost" or availability of raw materials. This is consistent with the cost-push inflation factors in neo-Keynesian theory (above). After supply shock occurs, the economy tries to maintain momentum.
The recession of 2020, was the shortest and steepest in U.S. history and marked the end of 128 months of expansion. Key Predictors, Indicators and Warning Signs of a Recession
There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
When the economy is riding high, we often forget what it's like to live through challenging economic times. The COVID-19 pandemic was the first major economic stumble since the recession of 2009 ...
“The Beige Book points to more of a slowdown in hiring and economic activity than reported in the ‘hard’ indicators of the U.S. economy, like the jobs report or real GDP,” Bill Adams ...
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
The economy is complex with countless numbers of moving parts, and sometimes some of those parts will be behaving so abnormally that it will force time-tested indicators to break down.