recessions

Comparing different recessions

Comparing different recessions

The post 2008 recession has seen the longest decline in real GDP on record. 55 months after the peak output of 2008, the UK economy is still 4% below it’s peak. By contrast, in the same time frame during the early 1930s, the economy had recovered to be more than 2% higher than the 1930 peak. The 2008-13 recession is longer lasting than even the great depression. Yet, curiously the 2008 recession has seen one of the least damaging rises in unemployment. Firstly, a look at the percentage change in real…

Economic downturn definition

Economic downturn definition

An economic downturn suggest the rate of economic growth is slowing down and possibly entering into recession. A downturn is part of the economic cycle (sometimes referred to as trade cycle or business cycle) The UK definition of a recession is – negative economic growth for two consecutive quarters. The definition of an economic downturn is less strict than a recession. For example, there may be a consensus we are in an economic downturn even with a small rate of positive economic growth. With very low economic growth, there…