What's a recession - and why does the word scare the bejeezus out of our parents and grandparents?
What do you think of when you hear the word Recession?
There’s gum recession, hair recession, the GREAT recession. None of these are particularly ideal.
But what is a recession - and why does the word scare the bejeezus out of our parents and grandparents?
Well, it’s quite simple. Recessions are often associated with job losses, store closures and construction halts.
A recession is when the economy shrinks (aka Australia's GDP is negative) for two or more consecutive quarters.
It could be due to events like:
Like we mentioned, Flux fam, a recession generally ain’t pretty. You’ll see things like:
Yep. In fact, we entered a recession in 2020 (for the first time in over 30 years). Before that, there was the Great Depression in the 30s, a recession in the early 80s and again in the early 90s.
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