GENERAL KNOWLEDGE

Detailed explanation-1: -re·ces·sion. A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. From Oxford Dictionaries. Recessions can be daunting, particularly when the economic downturn catches you and your business unawares.

Detailed explanation-2: -In basic terms, a recession is when the economy’s performance decreases for an extended period of several months, marked by GDP contraction, higher unemployment rates and lower consumer spending. During a recession, people may experience significant impacts on their daily lives.

Detailed explanation-3: -It is seen as an intrinsic stage of the economic cycle. These are the generally accepted definitions of the two: A recession is a decrease in gross domestic product (GDP) that lasts for at least two quarters. It is a slowdown in economic activity. A depression is a severe drop in GDP that lasts for a year or more.