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How long the country can stave off a protracted downturn will be the focus of Mr Hockey's attention for some time to come.
On Monday alone, companies across the employment spectrum announced more than 65,000 job cuts in the United States and around the world, a stark sign that businesses are enduring a painful, protracted downturn.
Mr. Hollande warned that the protracted downturn facing France and other euro zone countries "threatens the very identity of Europe".
A typical stop-go cycle starts with a localised increase in demand, which in turn leads to higher wages, lost competitiveness and finally to a protracted downturn.
With Britain facing the prospect of the most protracted downturn for a century, he will use the occasion to try to inject fresh life into the economy.
"We're not enamored of this place," said Mr. Southerland, who added that it angered him that Washington seemed not to have suffered the effects of a protracted downturn.
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Historically, other economists say, financial crises and debt-caused bubbles have led to deeper, more protracted downturns.
It would also curtail the government's ability to mitigate a credit crisis — leaving taxpayers exposed to protracted downturns and possible bailouts.
It is too early to tell how protracted the downturn will be, and I recognize that protraction, so notable a feature of the Great Depression (especially in the U.S ., is a common marker for depressions.
Now Finchem finds himself facing a protracted economic downturn, shrinking marketing budgets, increasing competition from the European Tour — which, unlike the PGA Tour, pays top players appearance fees to participate in its events — and the equivalent of a massive product recall.
PARIS — The budget airline Ryanair reported a 13 percent increase in annual profit on Monday, as Europe's protracted economic downturn continued to send air travelers in search of the lowest fares.
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