The four stages of the business cycle are as follows:

• Expansion: this is when the economy is growing and is also called the "boom" where real GDP is increasing and unemployment is falling
• Peak: at this point real GDP is at its highest and GDP is usually past its potential which some say is the cause for a recession
• Contraction: this is when the economy shrinks from its peak and unemployment rises
• Trough: this is the lowest point of an economy and from here onward you will see expansion

We are currently in the expansion phase as we already saw the economy contract due to the lockdowns and now that lockdowns have been moderated, large economic growth is expected in the third quarter.