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Recession Definition Glossary of Finance Terms - Recession

Recession : A recession refers to a period of economic decline in a country's Gross Domestic Product (GDP) for more than two consecutive quarters. A recession is a moderate decline in the economy when compared to an economic depression, but it still affects job growth, income, unemployment, the stock market, and overall spending on both personal and government levels. Overall, recessions are seen as a normal part of the business cycle.
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Most recessions refer to economic fluctuations on a country-wide scale. The National Bureau of Economic Research (NBER) in the U.S. defines recessions based on recorded economic growth. The private sector on the other hand, defines recession as a large decline in economic activity lasting more than a few months. Regardless of who calls the recession, both affect commercial and consumer spending.

Unlike country recessions, there are no official economic markers to define a global recession. In general, though, global economic growth of less than 3% is thought to signify a recession on a global scale

Also called : Recessionary Economy, Global Recession.

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