It was announced that the US is officially in a recession. Apparently there is this group of economists who can officially make the call. And the definition of a recession is not that straight forward after all. What I understand is a consecutive quarter of negative growth constitues a recession, thats what we have been told. Now the "officials" are saying that they are looking at a broader set of indicators to determine the state of the US economy and specifically the US recession.
I remember our central bank governor declaring that Malaysia will not enter a period of consecutive quarter of negative growth, hence no recession. Our deputy PM also said that no recession, only slowdown. Also other Malaysian economics and analysts and whatnot. So are these statements no longer relevant, now that apparently recession is defined differently, and what can we say about our economy next year?
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