The nation of Florentina is in the midst of a serious economic downturn. The nation's GDP has declined steadily for over five years and is now at its lowest level in over fifty years. Florentina's unemployment rate is at an all time high and the nation's CPI is falling. Florentina's economic condition is referred to as a:

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Florentina's situation is characterized by a decline in GDP, high unemployment rate, and falling CPI, which are all indicative of a depression. A balance of trade deficit refers to a situation where imports exceed exports, while stagflation refers to a situation where there is a combination of high inflation and low economic growth. Retraction is not a commonly used term to describe economic conditions.

The Nation of Florentina Is in the Midst of a Serious