Stages of an economic cycle
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Last updated 1:49 PM on 3/25/26
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5 Terms
1
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Boom
a period when the percentage rate of growth of real GDP is fast and higher than the long-term trend
2
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Slowdown
a weakening of the rate of growth, real GDP is still rising but increasing at a slower rate
3
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Recession
a period of at least 6 months when an economy suffers a fall in aggregate output, employment, investment and business / consumer confidence
4
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Recovery
a phase after a recession, during which real GDP starts to increase and unemployment begins to fall
5
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Depression
a prolonged downturn in the economy and where a nation’s real GDP falls by at least 10 per cent
