1973–1975 recession
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The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It dif
In the parlance of recession shapes, the Recession of 1973–75 in the United States could be considered a U-shaped recession, because of its prolonged period of weak growth and contraction. The percent change from preceding period in real gross domestic product, annualized and seasonally adjusted Average GDP growth 1947–2009Source: Bureau of Economic Analysis
Harold Wilson
Recession shapes
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Recession shapes, or recovery shapes, are terms used by economists to describe different types of recessions and their subsequent recoveries. There is no specific academic theory or classification sys
V-Shape: US 1953 recession Percent Change in Real GDP (annualized; seasonally adjusted); Average GDP growth 1947–2009 Source: BEA
L-Shaped: Lost Decade in Japan. Percent Change in Real GDP (annualized; seasonally adjusted); Average GDP growth 1950–2000 Source: Penn World Tables