T'Challa, the ruler of Wakanda, has asked for your help with the economy of his country. T'Challa's economic minister provides you with the following information:
Work-eligible population: 4 million
Labor force: 3 million
Employed people: 2.5 million
Frictionally unemployed people: 0.25 million
Structurally unemployed people: 0.1 million
T'Challa would like to know whether his kingdom is enjoying an expansion or suffering a recession. See if you can advise him. Give all numeric answers to two decimals.
King T'Challa, right now Wakanda's unemployment rate is %, but Wakanda's natural rate of unemployment is %. Therefore, the Wakanda economy is currently in a(an) (enter expansion or recession).