This article is about a slowdown in economic activity. For other uses, see Recession (disambiguation).
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In economics, a recession is a business cycle contraction that occurs when there is a general decline in economic activity.[1][2] Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic).
In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."[3] The European Union has adopted a similar definition.[4][5] In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.[6][7]
Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply and decreasing interest rates or increasing government spending and decreasing taxation.
^"recession". Merriam-Webster.com Dictionary.
^"Recession definition". Encarta World English Dictionary [North American Edition]. Microsoft Corporation. 2007. Archived from the original on 28 March 2009. Retrieved 19 November 2008.
^"Business Cycle Dating Committee Announcement January 7, 2008". www.nber.org. 7 January 2008.
^"FAQ | EABCN". eabcn.org. Archived from the original on 29 April 2022. Retrieved 29 December 2021.
^"The CEPR and NBER Approaches". eabcn.org. Retrieved 30 July 2022.
^"Q&A: What is a recession?". BBC News. 8 July 2008.
^"Glossary of Treasury terms". HM Treasury. Archived from the original on 2 November 2012. Retrieved 25 October 2012.
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