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Which of the following is the economic definition for recession? Any increase in unemployment is a recession. An increase of 2% or more in unemployment is a recession. Any decline in the real GDP is a recession. Two or more quarters (6 months or more) of declining real GDP is a recession.
Two or more quarters (6 months or more) of declining real GDP is a recession. It should also be noted that these quarters must be back-to-back, regardless of the extent of the fall.
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