Thus: a recession is a national or world event, by definition. And statistical aberrations or one-time events can almost never create a recession; e.g. if there were to be movement of economic activity (measured or real) around Jan 1, 2000, it could create the appearance of only one quarter of negative growth. For a recession to occur the real economy must decline. A more detailed explanation is available at: Recession? Depression? What's the difference?
Terms related to Recession:
- Recession? Depression? What's the difference?
- What is a Recession?
- Why Don't Prices Decline During A Recession?
Books on Recession:
- Recessions and Depressions: Understanding Business Cycles
- The Return of Depression Economics and the Crisis of 2008
- Subprime Meltdown: From U.S. Liquidity Crisis to Global Recession