Economists talk about recession as being two successive periods of negative economic growth. That doesn’t necessarily mean much. What matters is that recessions harm people’s wellbeing – think homes lost, less “stuff” purchased, and unemployment. The long-term social effects can be harmful if people are less confident or are without jobs for a long time

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This is a small description of the picture: Economists talk about recession as being two successive periods of negative economic growth. That doesn’t necessarily mean much. What matters is that recessions harm people’s wellbeing – think homes lost, less “stuff” purchased, and unemployment. The long-term social effects can be harmful if people are less confident or are without jobs for a long time