A recession is defined as two consecutive quarters of negative GDP growth, indicating a sustained economic downturn.
It reflects reduced consumer spending, higher unemployment, and lower production.
Elimination of Other Options:
B (Slump): A slump is a more general term and not a specific phase.
C (Depression): Refers to prolonged and severe economic downturns.
D (Inflationary): Opposite of the scenario described.
References:
ICWIM Module 1: Explanation of economic cycles and recession indicators.
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