What is a prolonged economic contraction that is not especially long or severe called?'?

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Social Studies

Greyson Hurst

4 May, 20:18

What is a prolonged economic contraction that is not especially long or severe called?'?

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Ashlynn Marquez · Answer 1

A prolonged economic contraction that is not especially long or severe is called recession.

When there is a significant decline in activity across the economy and this is lasting longer than a few months then we have recession.

Recession is characterized with the following:

drop in the following five economic indicators: real GDP, income, employment, manufacturing and retail sales.