What is the fourth phase of a business cycle following prosperity, recession, and contraction?

The fourth phase of a business cycle, which follows the stages of prosperity, recession, and contraction, is recovery. This phase is characterized by a period where the economy begins to improve after a downturn. During recovery, indicators such as employment rates, consumer spending, and production levels start to rise, reflecting a gradual return to economic stability and growth. The recovery phase is crucial because it sets the stage for the next cycle of expansion, where the economy continues to grow and businesses thrive after overcoming previous challenges. Understanding this phase is important for property management, as economic conditions greatly influence rental demand and property values.