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I'm confused with the definition of recession. Is it two quarters of negative GDP growth , meaning GDP growing at -1% and -2% or GDP slowing to 2% and 1.5%.

nsivakr
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Generally, a recession is not defined in this way in any case. If it were, it would be negative growth, and not a decline in productivity.

In the US, the NBER US Business Cycle Expansion and Contractions data defines a recession. The committee has determined

"that a trough in monthly economic activity occurred in the US economy in April 2020. The previous peak in economic activity occurred in February 2020. The recession lasted two months, which makes it the shortest US recession on record."

Following this definition, the recession was declared over before the second quarter even occurred.There has also been a period where 2 consecutive quarters of decline were not defined as a recession. Most probably, the first two quarters this year (2022) will also not be declared a recession.

See this question for details.

AKdemy
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Negative growth. Though I suspect this question will be quickly closed :)

Bill Clark
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