Select the correct answer.
Steve and his brother used to work at the same organization. A few months ago their employer terminated them because the business had slowed due to slow economic growth in the country. A couple of months later, Steve found out that many of his friends are also unemployed. The government stated that GDP had fallen for two consecutive quarters. Steve’s country is experiencing which economic phase?
A.
inflation
B.
depression
C.
deflation
D.
recession