ECONOMICS

Detailed explanation-1: -The NBER defines a recession as a period between a peak and a trough in the business cycle where there is a significant decline in economic activity spread across the economy that can last from a few months to more than a year.

Detailed explanation-2: -What Happens in a Recession? Economic output, employment, and consumer spending drop in a recession. Interest rates are also likely to decline as the central bank (such as the U.S. Federal Reserve Bank) cuts rates to support the economy.

Detailed explanation-3: -A recession is two or more consecutive quarters of a negative growth rate of gross domestic product (GDP). Recessions can be caused by high interest rates, a manufacturing slowdown, an asset bubble burst, a real estate slide, or credit crunches. The average recession since World War II has been about 11 months.

Detailed explanation-4: -Definition: Recession is a slowdown or a massive contraction in economic activities. A significant fall in spending generally leads to a recession. Description: Such a slowdown in economic activities may last for some quarters thereby completely hampering the growth of an economy.

Detailed explanation-5: -December 2007–June 2009. Lasting from December 2007 to June 2009, this economic downturn was the longest since World War II. The Great Recession began in December 2007 and ended in June 2009, which makes it the longest recession since World War II.