A recession means a fall in the level of real national output i.e. [31], Another is that the damage done by the Great Recession was so long-lasting and permanent, so many workers will never get jobs again, that we really can't recover. An economic slowdown is a natural part of the business cycle. economic slowdown . Top synonyms for economic slowdown (other words for economic slowdown) are economic downturn, economic decline and economic contraction. The U.S. government also built ammonia plants, aluminum smelters, aviation fuel refineries and aircraft engine factories during the war. Faltering Innovation Confronts the Six Headwinds-August 2012, "The Natural Rate of Interest and Secular Stagnation", "Technological Transformations and Long Waves", https://en.wikipedia.org/w/index.php?title=Economic_stagnation&oldid=991502378, Creative Commons Attribution-ShareAlike License. ", "Economic History of Tractors in the United States", "Technological Change and Economic Growth the Interwar Years and the 1990s", "Total Debt to GDP Trumps Everything Else", "U.S. Health care expenditures rose to over 17% of the economy. Labor productivity rose 26.5% and GDP nearly doubled.[9]. Structural factors may include: The rates of savings and investment in the Indian economy have declined, as also exports and total credit. Hundreds of thousands of immigrants came to the United States every year and found jobs digging canals and building railroads. In a 1974 New York Times article, Julius Shiskin suggested several rules of thumb to identify a recession, which included two successive quarterly declines in gross domestic product (GDP), a measure of the nation's output. The economic slowdown has affected both public and privates sectors… China's economy has been slowing for the better part of the past decade, but a recent run of poor data has prompted fresh concerns. | Meaning, pronunciation, translations and examples There were numerous strikes and other labor movements for a ten-hour day. A prescient analysis of stagnation and what is now called financialization was provided in the 1980s by Harry Magdoff and Paul Sweezy, coeditors of the independent socialist journal Monthly Review. Most analysts do not consider a slowdown to be a recession, but unemployment may rise and productivity may decline. [28], One theory is that the boost in growth by the internet and technological advancement in computers of the new economy does not measure up to the boost caused by the great inventions of the past. [30], Secular stagnation has also been linked to the rise of the digital economy. How to use slowdown in a sentence. An example of such a great invention is the assembly line production method of Fordism. Secular stagnation was dusted off by Hans-Werner Sinn in a 2009 article [25] dismissing the threat of inflation, and became popular again when Larry Summers invoked the term and concept during a 2013 speech at the IMF. [16][20][21] Productivity growth in the U.S. slowed again since the mid-2000s.[22]. Such changes suggest, contrary to the … The use of electricity grew steadily as prices continued to fall, although at a slower rate than in the early decades. A building boom commenced in the years following the war. The end of armaments production freed up hundreds of thousands of machine tools, which were made available for other industries. [8], The decade of the 1880s saw great growth in railroads and the steel and machinery industries. [28], Japan has been suffering economic or secular stagnation for most of the period since the early 1990s. [19] The energy intensity of the United States and many other developed economies also began to decline after 1973. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. Subsiding labour market momentum 4. Paul Krugman wrote in September 2013: "[T]here is a case for believing that the problem of maintaining adequate aggregate demand is going to be very persistent – that we may face something like the 'secular stagnation' many economists feared after World War II." Infrastructures: The highway system continued to expand. Alan Sweezy described the difference: "But, whereas business-cycle theory treats depression as a temporary, though recurring, phenomenon, the theory of secular stagnation brings out the possibility that depression may become the normal condition of the economy." Stronger economic growth resumed and inflation declined during the 1980s. Definition (britisch) economic, slowdown: Definition (amerikanisch) economic, slowdown: Thesaurus, Synonyme, Antonyme economic, slowdown: Etymology economic, slowdown: wirtschaftliche Abkühlung. This Friday, 13 November is World Kindness Day, an awareness day launched in 1998 with the aim of encouraging benevolent acts by individuals, organizations, and countries. For example, if GDP goes from 5% growth to 3% growth, an economy is experiencing a slowdown. Mit Flexionstabellen der verschiedenen Fälle und Zeiten Aussprache und … Definition wirtschaftlich, Abkühlung: Das Substantiv Englische Grammatik. The tight labor market was a factor in productivity gains allowing workers to maintain or increase their nominal wages during the secular deflation that caused real wages to rise in the late 19th century. [16] This enabled a recovery in GDP growth rates; however, debt in the period following 1982 grew at a much faster rate than GDP.[17][18]. Assessment of the monetary policy measures 4. [5], According to Alan Sweezy "the idea of secular stagnation runs through much of Keynes General Theory". Outlook III. Antonyms for Economic slowdown. Garraty, John Arthur The American Nation: A History of the United States to 1877 (1995) Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Konjunkturabschwächung { noun feminine } This is mainly caused by the global economic slowdown but also by the current political security crisis. "It is likely the economic slowdown will stabilise in the future, but the chance of a double dip is not likely," the central bank said. Das Substantiv (Hauptwort, Namenwort) dient zur Benennung von Menschen, Tieren, Sachen u. Ä. For the concept in financial economics, see, Historical periods of stagnation in the United States, End of stagnation in the U.S. after the Great Depression, Stagnation and the financial explosion: the 1980s, "The secular stagnation hypothesis: a review of the debate and some insights. Something that changed everyone’s lives so profoundly – leaving no country or continent untouched – was bound to have a significant impact on our language. The economy doesn't benefit as much when increases go toward high-income earners. US (UK go-slow) an occasion when employees work more slowly and with less effort than usual to try to persuade an employer to agree to higher pay or better working conditions. Outlook: No prospect of a speedy recovery 3. How the Digital Economy Could Lead to Secular Stagnation", "Japan's Financial Crisis and Economic Stagnation", Paul Krugman-Bubbles, Regulation and Secular Stagnation-September 25, 2013, "Marco Nappollini- Pieria.com-Secular Stagnation and Post Scarcity-November 19, 2013", Paul Krugman-Conscience of a Liberal Blog-Secular Stagnation, Coalmines, Bubbles, and Larry Summers-November 16, 2013, Robert J. Gordon-Is U.S. Economic Growth Over? Definition of economic slowdown: nouna general reduction in a country's economic activity On the other hand, a slowdown refers to a situation whereby economic growth occurs but a reduced or slow rate. Construction of structures, residential, commercial and industrial, fell off dramatically during the depression, but housing was well on its way to recovering by the late 1930s.[10]. The slowdown in the Indian economy is partly cyclical and partly structural. The trade disputes are taking a toll and global trade growth has come to a near standstill. Tires had been rationed due to shortages of natural rubber; however, the U.S. government built synthetic rubber plants. Private accumulation had a strong tendency to weak growth and high levels of excess capacity and unemployment/underemployment, which could, however, be countered in part by such exogenous factors as state spending (military and civilian), epoch-making technological innovations (for example, the automobile in its expansionary period), and the growth of finance. What is making investors nervous, and … [28], A third is that there is a "persistent and disturbing reluctance of businesses to invest and consumers to spend", perhaps in part because so much of the recent gains have gone to the people at the top, and they tend to save more of their money than people—ordinary working people who can't afford to do that. But the economic slowdown will level off and is in fact beneficial for the restructuring of the country's economy and ensuring sustainable growth, it said, adding: "China's economic fundamentals are still very good." Economic situation 2. Slowdown definition: A slowdown is a reduction in speed or activity. Twitter LinkedIn Email. Krugman wrote that fiscal policy stimulus and higher inflation (to achieve a negative real rate of interest necessary to achieve full employment) may be potential solutions. Gordon. A provocative 'exercise in subtraction' suggests that future growth in consumption per capita for the bottom 99 percent of the income distribution could fall below 0.5 percent per year for an extended period of decades". [34], Economists have asked whether the low economic growth rate in the developed world leading up to and following the subprime mortgage crisis of 2007–2008 was due to secular stagnation. Times, Sunday Times (2008) High unemployment and the economic slowdown gradually reduced consumer demand for goods and services. Many trends that began before the war continued: The workweek never returned to the 48 hours or more that was typical before the Great Depression.[14][15]. The memory of war created a need for preparedness in the United States. [1][2], Warnings similar to secular stagnation theory have been issued after all deep recessions, but they usually turned out to be wrong because they underestimated the potential of existing technologies.[3]. A situation in which GDP growth slows but does not decline. Steel consumption peaked in 1973, both on an absolute and per-capita basis, and never returned to previous levels. A slowdown occurs when the rate of growth decelerates – but national output is still rising ; If the economy grows without falling into recession, this is called a soft-landing; Recession. This resulted in constant spending for defense programs, creating what President Eisenhower called the military-industrial complex. : slowdown in sth Labor Department statistics released last Friday showed an unexpected slowdown in hiring. Define slowdown. Two cyclical factors are Shadow banking stress (NBFC crisis) and weaker global demand. Download our English Dictionary apps - available for both iOS and Android. Looking at economic activity in the period April to June 2019, it is safe to say that the GDP growth would have slowed down further during the period. Share. n. The act or process of slowing down; a slackening of pace: a production slowdown. traduction slowdown dans le dictionnaire Anglais - Francais de Reverso, voir aussi 'slow down',showdown',slow',slow motion', conjugaison, expressions idiomatiques Lernen Sie die Übersetzung für 'economic slowdown' in LEOs Englisch ⇔ Deutsch Wörterbuch. Copy to clipboard; Details / edit; GlosbeMT_RnD. Even with a resumption in normal credit conditions you would have a lot of difficulty getting back to full employment. The general form of the argument has been the subject of papers by Robert J. [39], "Economic immobility" redirects here. A recent book titled The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick and Will (Eventually) Feel better by Tyler Cowen is one of the latest of several stagnation books written in recent decades. Even with artificial stimulus to demand you wouldn't see any excess demand. [28], And a fourth is that advanced economies are just simply paying the price for years of inadequate investment in infrastructure and education, the basic ingredients of growth. While Trump sees the economy as doing well despite higher rates, we’re seeing a US economic slowdown. The impact of the pandemic on the economy is projected to be severe due to the collapse in tourism activity and the indirect effects of the necessary containment and mitigation measures. Capital was so scarce before the Civil War that private investors supplied only a fraction of the money to build railroads, despite the large economic advantage railroads offered. Slowdown definition is - a slowing down. Euro area: economic slowdown, easing of monetary policy 1. Over the last several months, when factories, offices, restaurants and other places of social gathering have been (intermittently) shut, people’s creativity has taken all sorts of unexpected directions. It’s no surprise that quite a few of the words on Collins Word of the Year 2020 shortlist have one big thing in common: the pandemic. The period following the 1973 oil crisis was characterized by stagflation, the combination of low economic and productivity growth and high inflation. n. The act or process of slowing down; a slackening of pace: a production slowdown. ID 6284 DOI 10.3386/w6284 Issue Date November 1997. Most importantly, cheap food essentially eliminated malnutrition in countries like the United States and much of Europe. [3], Paul Krugman, writing in 2014, clarified that it refers to "the claim that underlying changes in the economy, such as slowing growth in the working-age population, have made episodes like the past five years in Europe and the United States, and the last 20 years in Japan, likely to happen often. Charles I. Jones. The term "secular stagnation" was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". [10] After the war, commercial aviation, plastics and synthetic rubber would become major industries and synthetic ammonia was used for fertilizer. [26], However, The Economist criticizes secular stagnation as "a baggy concept, arguably too capacious for its own good". ", "Does the New Economy Measure Up to the Great Inventions of the Past? More people purchased washing machines, dryers. [32][33] Economists, such as Paul Krugman, attribute the stagnation to a liquidity trap (a situation in which monetary policy is unable to lower nominal interest rates because these are close to zero) exacerbated by demographics factors. Our new online dictionaries for schools provide a safe and appropriate environment for children. Labor did suffer temporary setbacks, such as when railroads cut wages during the Long Depression of the mid-1870s; however, this resulted in strikes throughout the nation. Create an account and sign in to access this FREE content, The American Nation: A History of the United States to 1877. needs to be approached in a realistic manner. "[36][37], Robert J. Gordon wrote in August 2012: "Even if innovation were to continue into the future at the rate of the two decades before 2007, the U.S. faces six headwinds that are in the process of dragging long-term growth to half or less of the 1.9 percent annual rate experienced between 1860 and 2007. They were needed in the rapidly growing aircraft manufacturing industry.[11]. Slowdown definition, a slowing down or delay in progress, action, etc. The economy benefits when most of the gain goes toward low-income families. In the United States, it is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". The warm wet weather is working wonders on the, Mobile signals enabled police to place them at the. As new territories were opened and federal land sales conducted, land had to be cleared and new homesteads established. Get the latest news and gain access to exclusive updates and offers. [10] This helped the United States, which escaped the devastation of World War II, to quickly convert back to peacetime production. [38], The German Institute for Economic Research sees a connection between secular stagnation and the regime of low interest rates (Zero interest-rate policy, negative interest rates). Because there was little mechanization, almost all work was done by hand or with horses, mules and oxen until the last two decades of the 19th century. In the 1980s and 1990s Magdoff and Sweezy argued that a financial explosion of long duration was lifting the economy, but this would eventually compound the contradictions of the system, producing ever bigger speculative bubbles, and leading eventually to a resumption of overt stagnation. slowdown of economic activity and stands in direct contrast to economic growth Slowdown. a reduction in speed, activity, or the rate that things are produced: a worldwide economic slowdown. All the latest wordy news, linguistic insights, offers and competitions every month. “The global economy is now in a synchronized slowdown,” Georgieva said in her speech, adding that the deceleration will cause global growth to slide to its lowest since the start of the decade. [29] It has also been written about by Owen. A sluggish economy is a state of an economy when growth is slow, flat or declining. The U.S. economy experienced structural changes following the stagflation. Economic slowdown Definition: Economic means concerned with the organization of the money, industry, and trade of a... | Bedeutung, Aussprache, Übersetzungen und Beispiele In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters. translation and definition "economic slowdown", English-German Dictionary online. They must spend a more significant share of each dollar on necessities until they reach a living wage. And best of all it's ad free, so sign up now and start using at home or in the classroom. At least since 1950, the United States has been stimulated by increases in educational attainment, increases in research intensity, and the increased openness and development of the world economy. The COVID-19 pandemic hit when the economy was already in recession due to drought and a slowdown in tourism in the second half of 2019. Secular stagnation refers to "a condition of negligible or no economic growth in a market-based economy". Turning Point by Robert Ayres and The Evolution of Progress by C. Owen Paepke were earlier books that predicted the stagnation. Amaze your friends with your new-found knowledge! Railroad locomotives switched from steam to diesel power, with a large increase in fuel efficiency. Informally, a national recession is a period of declining economic output. The term can refer to the economy as a whole or a component of it. For example, if GDP goes from 5% growth to 3% growth, an economy is experiencing a slowdown. ", "The End of Economic Growth? The war created pent up demand for many items as factories that once produced automobiles and other machinery converted to production of tanks, guns, military vehicles and supplies. Synonyms for Economic slowdown in Free Thesaurus. We have almost 200 lists of words from topics as varied as types of butterflies, jackets, currencies, vegetables and knots! C. Paepke and Tyler Cowen. The workweek during most of the 19th century was over 60 hours, being higher in the first half of the century, with twelve-hour work days common. An economic slowdown occurs when the rate of growth in the GDP of an economy slows from the previous period. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. [5], The U.S. economy of the early 19th century was primarily agricultural and suffered from labor shortages.[7]. Although productivity never returned to peak levels, it did enjoy a revival with the growth of the computer and communications industries in the 1980s and 1990s. Suburbs began a rapid expansion and automobile ownership increased.[10]. [1] Warnings similar to secular stagnation theory have been issued after all deep recessions, but they all turned out to be wrong because they underestimated the potential of existing technologies. Productivity Performance in Perspective, Business Economics, October 1, 1991", The Recent Rise and Fall of Rapid Productivity Growth, Larry Summers-U.S. Economic Prospects-Keynote Address at the NABE Conference 2014, Hans-Werner Sin, Forget Inflation, February 26, 2009, "IMF Fourteenth Annual Research Conference in Honor of Stanley Fischer", "Is The Economy Suffering From Secular Stagnation?
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