&quot;It is not in any realistic sense a recession.&quot;<p>It fits the definition of a recession.  I guess you are arguing that the definition of recession should be changed to use per capita GDP numbers.  This isn&#x27;t clear, however.  From the standpoint of an investor, say, you want to invest in an enterprise that will grow.  If your business is shrinking, it doesn&#x27;t help you that it is growing per capita.