Economic stagnation is a period of extended economic decline. This can manifest as a lack of growth in the economy, either nominal or real GDP, or persistent declines in GDP despite brief periods of growth. It is often associated with patterns such as high unemployment, trade imbalances, and low levels of productivity. During periods of stagnation, businesses may experience reduced demand for their products or services and require new strategies to remain competitive in the market. Stagnation can have significant consequences on communities and society as a whole, ranging from lower wages to increased poverty.