After discussing the growth rates in various economies and mentioning recession, I have realised that there is a confusion on the technicalities of issue. So I decided to shed light briefly on the business cycles. Gross domestic product (GDP) in its simple meaning is the value added through the production of goods and services in an economy over a certain period, which is a calendar year. And growth rate in this sense measures the percentage change of aggregate output in that economy. Accumulating these yearly growth rates we reach to the real GDP trend value and that enables us to compare the current growth rate with the long-term average growth…