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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