Expansion is a phase in the business cycle characterized by sustained growth in the real Gross Domestic Product (GDP) for two or more consecutive quarters. During this phase, the economy typically advances from a trough, which is a low point in economic activity, to a peak, which is the highest point in the cycle. Expansion is marked by several key indicators, including an increase in employment levels, rising consumer confidence, and positive movements in equity markets. It is often referred to as an economic recovery, signifying a period of economic improvement, increased business activity, and overall economic prosperity.
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