Eric Swanson, UCI professor of economics says: “Normally, the economy grows over time. A recession is a time when a wide range of economic variables reverse course and move in the opposite direction for more than a month or two. …  Stagflation is a period when the economy is experiencing inflation and also stagnation, where stagnation means either a recession or unusually slow growth. Thus, if the economy is growing slowly, we can have stagflation without a recession. On the other hand, if inflation is low, but the economy is shrinking, we could have a recession without stagflation.”
 
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