Who does the official dating of recessions

The impact and severity of the effect of a global recession on a country varies based on several factors.For example, a country's trading relationships with the rest of the world determine the scale of impact on its manufacturing sector.

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A global recession is an extended period of economic decline around the world.

The International Monetary Fund (IMF) uses a broad set of criteria to identify global recessions, including a decrease in per-capita gross domestic product (GDP) worldwide.

The Great Recession was an extended period of extreme economic distress observed around the world between 20.

Trade plunged by 29% between 20 during this recession.

Though some organizations use exchange rates to calculate the aggregate output, the IMF prefers to use purchasing power parity (PPP)—that is, the number of goods or services that one unit of currency can buy—in its analysis.

According to the IMF, there have been four global recessions since World War II, beginning in 1975, 1982, 19.

While there’s no official definition of a global recession, the criteria established by the IMF carries significant weight because of the organization’s stature across the globe.

In contrast to some definitions of a recession, the IMF looks at additional factors beyond a decline in gross domestic product (GDP).

On the other hand, the sophistication of its markets and investment efficiency determine how the financial services industry is affected.

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