Recession

Recession is a term used in economics to describe a significant decline in economic activity that lasts for several months. It is a part of the business cycle and is typically associated with a widespread drop in spending.

Definition

The National Bureau of Economic Research (NBER) defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

Causes

Recessions can be caused by a variety of factors, including inflation, deflation, a drop in consumer confidence, or a financial crisis.

Effects

The effects of a recession can be severe, including increased unemployment, a drop in consumer and business spending, and a decline in the stock market.

Recovery

Recovery from a recession can take time and often requires intervention from the government or central bank, such as lowering interest rates or increasing government spending.

See also

• Depression
• Stagflation
• Economic cycle
• Financial crisis

References

Recession Resources
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