GDP contraction
[/dʒiːdiːˈpiː kənˈtrækʃən/]
nounpl: GDP contractions
contração do PIB
1. A decline in a country's Gross Domestic Product over a specific period, typically measured quarter-over-quarter or year-over-year, indicating negative economic growth
The country experienced a significant GDP contraction of 2.3% during the pandemic.
O país experimentou uma contração do PIB significativa de 2,3% durante a pandemia.
2. A period of economic recession characterized by reduced output, lower consumer spending, and decreased business investment
The unexpected GDP contraction prompted the central bank to lower interest rates.
A inesperada contração do PIB levou o banco central a reduzir as taxas de juros.
GDP contraction is a critical economic indicator widely discussed in Brazilian and American media, particularly during financial crises. In Brazil, it's commonly referenced in Central Bank reports and economic analyses. The term carries significant political implications, as governments are often judged by their economic performance during periods of contraction. During the 2008 global financial crisis and the 2020 COVID-19 pandemic, this term became central to public discourse in both countries.
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