Question: |
What is recession? |
Category: |
Business & Finance > Economics |
Keywords: |
definition, economic, recession |
Type: |
what |
Rating: (0 ratings) Views: 624 Discussions: 0 In Watch Lists: 1 |
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Answer:
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Recession is a period of general economic decline; specifically, a decline in GDP (Gross Domestic Product, a measure of the value of goods and services produced in a year) for two or more consecutive quarters.
A recession is 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. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
Recessions occur for various reasons. Most often, businesses build up inventories and, consequently, cut back their production and lay off workers, thus depressing earnings. The spiralling effect of lower income and low spending also dampens confidence in the economy. Large-scale natural disasters such as floods and droughts or trade wars between countries can induce recessions.
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