In general terms, a recession can be any period where there’s a decline in economic activity. For a period to qualify as a real recession, however, it typically has to be marked by sustained negative growth in GDP along with an increase in unemployment.

Example: In February of 2020, due to the rise of COVID cases and impending lockdowns, the United States officially entered a recession following a 5% drop in GDP and an increase in the unemployment rate up to nearly 15%.

Sign up for course updates!

* indicates required
What topic(s) are you interested in?

By subscribing, you agree to our Privacy Policy and Terms of Use. You can unsubscribe at any time by contacting onomy or using the unsubscribe link.