Recession
Economic contraction; negative growth, rising unemployment, falling demand.
Formula
Recession = Two consecutive quarters of negative GDP growth
Real World
During the 2008–09 recession, UK car manufacturer Jaguar Land Rover saw sales collapse and had to request government support — illustrating how even premium brands suffer demand shocks in downturns.
Exam Focus
State the technical definition (two consecutive quarters of negative GDP) early in any answer — it signals precise economic knowledge to the examiner.
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