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Glossary

Recession

A significant decline in economic activity, spread across the economy and lasting more than a few months. In the US, the NBER dates them.

Data series US real GDP growth from 2005 to 2024 with the recessions of 2008 to 2009 and 2020 shaded. US REAL GDP GROWTH Recession −4% −2% 0% 2% 4% 6% 8% 2005 2008 2011 2014 2017 2020 2023

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