The severe drop in GDP that occurred during the Great Depression of the 1930s is clearly visible in the figure, as is the Great Recession of 2008–2009. The highest point of the economy, before the rec...The severe drop in GDP that occurred during the Great Depression of the 1930s is clearly visible in the figure, as is the Great Recession of 2008–2009. The highest point of the economy, before the recession begins, is called the peak; conversely, the lowest point of a recession, before a recovery begins, is called the trough.
Economic growth is the increase in the market value of goods and services produced by an economy over time; the percentage rate of increase in the GDP.
The severe drop in GDP that occurred during the 1930s Great Depression is clearly visible in the figure, as is the 2008–2009 Great Recession and the recession induced by COVID-19 in 2020. The expansio...The severe drop in GDP that occurred during the 1930s Great Depression is clearly visible in the figure, as is the 2008–2009 Great Recession and the recession induced by COVID-19 in 2020. The expansion starting in June 2009, the trough from the Great Recession, was the longest on record—ending 128 months with the pandemic-induced recession.
