USA HISTORY

Detailed explanation-1: -A recession can be defined as a sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate. Many other indicators of economic activity are also weak during a recession.

Detailed explanation-2: -A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth mean recession, but many use more complex measures to decide if the economy is in recession.

Detailed explanation-3: -Economic recession is a macroeconomic term that refers to a slowdown or a massive contraction in economic activities for a long enough period, or it can be said that when a recessionary phase sustains for long enough, it is called a recession.

Detailed explanation-4: -A general decline in economic activity, a contraction in the business cycle is known as recession. This decline in economic activity is spread over a few months, and there will be decline in industrial productivity, real income, real GDP, employment, etc.