A recession is a significant economic downturn spread across the economy that lasts more than a few quarters. More specifically, the term is typically defined as a period when gross domestic product (GDP) declines for two consecutive quarters.
What’s another word for economic decline?
What is another word for economic decline?
| negative growth | economic downturn |
|---|---|
| crash | inactivity |
| decline | slide |
| collapse | drop |
| bottom-out | bankruptcy |
What strategies can a company use in an economic downturn?
Making customers a priority in an economic downturn may also involve:
- running loyalty or customer incentive programs.
- adapting your products and services to be more suited to your customer’s current needs.
- diversifying your business to minimise potential damage from the loss of a significant customer.
What are economic conditions?
Economic conditions refer to the present state of the economy in a country or region. These conditions change over time along with the economic and business cycles, as an economy goes through periods of expansion and contraction.
What was responsible for the 2008 recession?
The Great Recession—sometimes referred to as the 2008 Recession—in the United States and Western Europe has been linked to the so-called “subprime mortgage crisis.” Subprime mortgages are home loans granted to borrowers with poor credit histories. Their home loans are considered high-risk loans.
What does the word downturn mean in economics?
› ECONOMICS a reduction in the amount or success of something, such as a country’s economic activity: economic/market downturn Thousands of workers have lost their jobs in the economic downturn. There is evidence of a downturn in the housing market. see/experience/suffer a downturn The company saw a downturn in sales over the last six months.
When was the last time there was an economic downturn?
An economic downturn again slowed spending in the late 1850s. However, these results must be viewed against a backdrop of employment and economic downturns, as well as other external factors impinging on the agency. In 1992-3, the combination of severe drought and a sharp downturn in world prices seriously depressed the sector.
What happens to businesses during an economic downturn?
During periods of economic decline, whether widespread or cyclical for a particular type of business, entrepreneurs are most likely to bear the brunt.
How is a recession defined by an economist?
A recession is a significant economic downturn spread across the economy that lasts more than a few quarters. More specifically, the term is typically defined as a period when gross domestic product (GDP) declines for two consecutive quarters. This prevailing line of thought was popularized by economist Julius Shiskin in 1974.
