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Global Recession

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Dictionary Says

Definition of 'Global Recession'

An extended period of international economic downturn. Generally, the International Monetary Fund (IMF) considers a global recession as a period where gross domestic product (GDP) growth is at 3% or less. In addition to that, the IMF looks at declines in real per-capita world GDP along with several global macroeconomic factors before confirming a global recession.
Investopedia Says

Investopedia explains 'Global Recession'

Global recession is defined slightly differently than national recession. A nation would be considered in a recession when GDP declines for two consecutive periods. A global recession has to take into account developing nations as well as developed nations, therefore requiring a benchmark for growth comparison which is set at around 3%. In early 2009, the IMF and the World Bank predicted the global GDP growth rate to decrease to approximately 0.5%, meaning they expect a global recession to persist through 2009.

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