Tuesday, September 21, 2010

Definitions: double-dip recession, recovery

What exactly is a double-dip recession? Everybody is talking about it and we all kind of know what it is, but what exactly is it? I poked around and found some so-so and confused definitions, but I synthesized them into my definition. So, here it is:

double-dip recession - a single recession in which a short or weak recovery dissipates quickly (less than a year) and turns into a significant and broad renewed decline in economic activity (more than a few months), and then followed by recovery.

I also need to offer my own definition for a related term:

recovery - the period of economic expansion following the trough of a recession until economic activity exceeds the peak at which the recession began, including GDP, income, production, and employment.

-- Jack Krupansky

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