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In a 1974 New York Times article, Julius Shiskin suggested several rules of thumb to identify a recession, which included two successive quarterly declines in gross domestic product (GDP), a measure of the nation's output. It is now a commonly mentioned definition of a recession. In USA, NBER is regarded to be the authority that identifies a recession which takes several measures into account in addition to GDP growth.
In developed nations other than USA, the two quarter rule is generally used for identifying a recession. However defining a global recession is harder because of the role of developing nations that are expected to have a higher GDP growth...
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