Perhaps this will apply again as some people call an anticipated economic downturn the most widely forecast recession in memory while others debate whether it is a first-half or second-half event. Nonetheless, talk of a possible recession permeates financial discussions.
Although it is not absolute, the standard definition of a recession is two consecutive quarters of negative gross domestic product (GDP) growth. It probably is better to characterize a recession as a significant, widespread, and lengthy downturn in economic activity.
Recessions are not common, but not unusual either. Since World War II through 2020, the United States experienced 13 different recessions that on average lasted 10 months. Economic expansions on the other hand have lasted an average of 57 months