Recession

Recession Despite the recent economic downturn, the economy is obviously not that bad. The Commerce Department announced today (4.27) that GDP growth in the first quarter is 0%. This has risen from 1% in the fourth quarter of 2000. The interest rate of 2% is still lower than last year, but it seems to have avoided the recession again. (Recession is usually defined by more than one negative growth.Click here for details on defining the recession.)

According to dictionary.com, depression is actually a word. But for many Nigerians this year, depression is more than just a word. The depression is hunger, depression is wage cut, recession is unemployment, and depression is suffering. For us, recession is definitely not a word. This is a tough reality, and everything did not go well in 2016 when there was a possibility that the economy would go wrong. Therefore, when our finance minister said that the recession is a word, it sounds strange to think of the current and dark reality of Nigeria.

Characteristics of recession According to the US Economic Research Bureau (the official arbitrator of the US recession), there were ten recessions between 1948 and 2011. The recent economic recession began in December 2007 and ended in June 2009 but many of the statistics representing the US economy have not returned to values ​​before the economic recession. At this focus, we provide BLS data to compare the recent depression with the previous depression. One of the most widely recognized indicators of the unemployment rate among the unemployment rate is the rise in the unemployment rate. The nationwide unemployment rate in December 2007 is 5.0%, which is below this level in the past 30 months. By the end of the recession, it was 9.5% in June 2009. In the months after recession, the unemployment rate reached a peak of 10.0% (October 2009)