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This is a tough question to answer since economists and other monetary analysts don’t look to be in a position to agree, but the standard definition of a recession is when the GDP (Gross Domestic Product retracts i.e. ceases to increase and starts off to lessen, and when that has transpired for two consecutive quarters then the economic system is considered to be in recession. Nonetheless, some analysts take into account this definition to be as well vague as it doesn’t just take into account numerous critical variables like consumer self confidence, population growth, unemployment, and inaccurate stats.
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