USA HISTORY

Detailed explanation-1: -An economic recovery is a period of growth that follows a recession. It could last a few months or several years. Economic expansion and contraction are normal parts of the business cycle, which lead to recessions and recoveries.

Detailed explanation-2: -Subsequent relief and recovery legislation enacted in December 2020 and early 2021 gave the recovery an added boost. As a result, real (inflation-adjusted) GDP surpassed its pre-recession peak in the second quarter of 2021, just one year after the trough of the recession.

Detailed explanation-3: -Economic recovery is the business cycle stage following a recession that is characterized by a sustained period of improving business activity. Normally, during an economic recovery, gross domestic product (GDP) grows, incomes rise, and unemployment falls as the economy rebounds.

Detailed explanation-4: -TYPES OF ECONOMIC RECOVERY For example, a Z-shaped recovery, V-shaped recovery, U-shaped recovery, elongated U-shaped recovery, W-shaped recovery and L-shaped recovery. The alphabets generally denote the graph of growth rate, which resembles the shape of the letter.