Economic growth, or expansion is an increase in a nation's capacity to produce goods and services over time. It is usually calculated using a country's gross domestic product (GDP) as compared to the country's population.
Ideally, GDP annual growth should be 4% or more, as it was in the early 1950s and late 1980s, when the Nation benefited from Reaganomics. However, during the Obama Administration GDP never exceeded 2% annually.
A recession marks a period of "negative growth," or more precisely, a contracting or collapsing economy.
- Bjork, Gordon J. (1999). The Way It Worked and Why It Won’t: Structural Change and the Slowdown of U.S. Economic Growth. Westport, CT; London: Praeger. pp. 2, 67. ISBN 0-275-96532-5