PRODUCTIVITY
UNEMPLOYMENT
DEPRESSION
PROSPERITY
RECESSION
BUSINESS
RECOVERY
ECONOMY
TROUGH
GLOBAL
GROWTH
CYCLE
A
I
S
T
R
E
C
E
S
S
I
O
N
T
W
O
V
Y
X
B
I
A
V
O
B
W
A
O
O
C
O
S
I
I
Z
Y
T
C
N
Y
Y
T
I
R
E
P
S
O
R
P
S
U
A
E
C
Q
I
Q
S
E
B
G
B
E
L
C
U
H
I
T
H
Y
N
B
T
Y
E
L
O
U
H
I
A
O
I
T
N
O
H
T
T
O
X
M
A
O
S
K
K
R
P
L
T
E
B
F
G
I
E
A
F
B
I
I
C
A
N
B
U
C
M
O
Q
Q
U
V
U
M
O
B
N
S
O
Q
R
H
Y
Y
A
A
O
D
O
I
B
L
I
E
I
O
R
M
U
D
O
B
D
B
I
C
R
T
G
E
S
N
E
J
B
A
L
L
L
P
O
E
I
Z
T
C
S
S
C
O
H
U
J
U
P
O
G
I
I
C
B
T
E
U
O
J
T
W
Q
T
O
M
E
L
C
Y
C
O
R
I
V
D
W
B
H
U
A
C
E
X
B
U
E
A
P
N
E
P
O
O
E
K
F
N
J
N
V
A
J
S
E
E
R
O
R
L
H
R
R
W
U
O
U
J
I
G
D
C
Y
Z
G
M
Q
T
R
P
I
W
E
P
U
I
I
N
P
L
U
U
I
Y
Q
L
N
S
P
