The Economic
graph constantly goes up and down with time. One of these points is known as
recession. It is observed when the prices start to increase, the living
standard starts to fall, unemployment rises, and businesses stop expanding.
Decrease in GDP (gross domestic product)
is also the sign of recession. Economic recession is defined as a significant
decline in the economic activity across a country, lasting longer than a few
months.
United States is the
most effected country the agency that is officially in charge of declaring a
recession in the United
States is known as the National Bureau of
Economic Research, or NBER. The NBER defines a recession as a "significant
decline in economic activity lasting more than a few months."
