Global Recession and its Impact on Developing Economies
Journal Title: International Journal of Marketing and Technology - Year 2012, Vol 2, Issue 3
Abstract
In a 1975 New York Times article, economic statistician Julius Shiskin suggested several rules of thumb for defining a recession, one of which was "two down consecutive quarters of GDP". In time, the other rules of thumb were forgotten. Some economists prefer a definition of a 1.5% rise in unemployment within 12 months. In the United States,the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) is generally seen as the authority for dating US recessions. The NBER defines an economic recession as: "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesaleretail sales." Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise dating of a recession's onset and end. In the UK recessions are generally defined as 2 successive quarters of negative growth.
Authors and Affiliations
Smt. S. Binduja and Dr. V. J. R. Emerlson Moses
Keywords
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