With reference to the term ‘growth recession’ which one of the following statements is incorrect?
1
It is a period of economic contraction during which the economy continues to grow but at a slower rate than previously.
2
It is a period of economic contraction during which the economy grows at a faster rate than it has previously.
3
A slowdown in consumer spending, a decline in business investment, or a rise in interest rates can lead to a growth recession.
4
The negative effects of growth recession are job losses, a decline in economic output, and a decrease in consumer confidence.