Question

What is meant by recession?

Hint:

A recession is a major slowdown of the economy, typically marked by at least six months of shrinking GDP.

Answer 1

A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that a recession occurs when a country's Gross Domestic Product (GDP) declines for two consecutive quarters. It is characterized by falling output, rising unemployment, and declining business and consumer confidence.