● It is a term used to describe two consecutive quarters of decline in output. In the case of a nation’s economy, the term usually refers to back-to-back contractions in real GDP.
● Difference between Technical Recession and Recession: The technical recession is mainly used to capture the trend in GDP but the Recession encompasses an appreciably more broad-based decline in economic activity that covers several economic variables including employment, household and corporate incomes and sales at businesses.
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