A recession is a significant, widespread, and prolonged downturn in economic activity.
Recessions are usually clearly identified only after they are over.
Recession is
a slowdown or a massive contraction in economic activities
.
A significant fall in spending generally leads to a recession.
Recessions are considered a part of the natural business/economic cycle of expansion and contraction.
A deep recession that lasts for a long time eventually translates into a depression.
In the early 1900s, the Great Depression lasted several years and witnessed a GDP decline in excess of 10%, with unemployment rates peaking at 25%.
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