A recession is a significant decline in economic activity spread across the economy, lasting more than a few months.
It is typically recognized by a fall in GDP for two consecutive quarters.
Recessions are characterized by decreases in industrial production, employment, real income, and wholesale retail trade.
They can be caused by various factors, including high interest rates, reduced consumer confidence, and decreased spending and investment.
Recessions can lead to increased unemployment and financial hardship for many people, which is why governments and central banks often intervene with policies to stimulate the economy during such periods.