What’s RECESSION?

In economics, the term recession generally describes the reduction of a country’s gross domestic product (GDP) for at least two quarters.The usual dictionary definition is “a period of reduced economic activity”, a business cycle contraction

An alternative, less accepted, definition of recession is a downward trend in the rate of actual GDP growth as promoted by the business-cycle dating committee of the National Bureau of Economic Research^{[citation needed]}. That private organization defines a recession more ambiguously as “a significant decline in economic activity spread across the economy, lasting more than a few months.” A recession has many attributes that can occur simultaneously and can include declines in coincident measures of activity such as employment, investment, and corporate profits.

A severe (GDP down by 10%) or prolonged (three or four years) recession is referred to as an economic depression, although some argue that their causes and cures can be different