How do economists in the United States determine when a recession begins and when it ends? How do other countries determine whether or not a recession is occurring?

Answer: A recession is determined by analyzing various economic indicators, such as GDP, employment, and industrial production, and is generally defined as a period of temporary economic decline. In the United States, the National Bureau of Economic Research (NBER) is responsible for determining recessions and considers a wide range of economic indicators rather than relying solely on two consecutive quarters of GDP decline. In other countries, governments or central banks determine recessions, often using the two consecutive quarters of GDP decline as a benchmark, while also analyzing other indicators such as unemployment rate, industrial production, and consumer demand. Criteria may vary between countries, with some having their own unique thresholds for determining recessions. Organizations like the International Monetary Fund (IMF) and the World Bank may provide guidance for countries that do not have a standardized method.