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[Music] hi there james preston with you and in this segment we will look at recession and the different types of economic recoveries but first make sure to subscribe to our youtube channel and click the bell icon to stay up to date with the latest videos from cowkin the kova 19 pandemic and the subsequent bouts of lockdowns imposed to counter it triggered one of the most severe recessions in the history of the world economy as consumption across the globe fell drastically so too did employment levels such was the hit to the world economy that crude oil prices fell into negative territory for the first time in history owing to the scarcity of demand but due in large part to the actions of governments and central banks a v-shaped recovery has been seen in many countries but what is recovery there are four phases in any economic or business cycle recession trough recovery and peak and the cycle is often repeated the worlds largest economy the u.s has seen five recessions in the past fou