[d0mine]

It depends on the definition "global recession" Who says it is not already here?

[smitty1e]

Well, those pencil-whipping the definitions, for starters.

[jokethrowaway]

I'm sure we used to have one.

Something to do with 3 quarters of negative growth

[Izkata]

Two quarters of negative growth has only ever been a rule-of-thumb that mostly matched, the official determination has been with the National Bureau of Economic Research for a long long time ( https://www.nber.org/ ).

You can see on this graph that the rule-of-thumb didn't hold right at the beginning of the graph in 1947 when no recession was declared, nor in 2008 when it started with a single quarter, or even 2001 when it started with a positive quarter: https://fred.stlouisfed.org/series/A191RL1Q225SBEA

[nuc1e0n]

2 quarters