Recession
Recession is defined as to describe a significant decline in economic activity that lasts for a prolonged period, typically several months or even years.
During a recession, there is a weak or negative growth in economic output (GDP), which can lead to job losses, reduced consumer spending, and a decline in business profits.
A recession is generally characterized by several economic indicators, including a decrease in gross domestic product (GDP), a rise in unemployment rates, a decline in industrial production, and a decrease in consumer spending.
These indicators often lead to a downward spiral, as companies reduce production and lay off workers, leading to a further reduction in consumer spending and economic growth.
Governments and central banks often take measures to try to mitigate the effects of a recession, such as reducing interest rates or implementing fiscal policies to stimulate economic activity. However, recessions can still have significant and lasting effects on individuals, businesses, and entire economies.
In the history world seen the recession so many times –
1.The Great Depression:
The most famous global recession of the 20th century was the Great Depression, which began in 1929 and lasted until the late 1930s. This was a severe economic downturn that affected most countries around the world.
2.The 1970s recession:
In the 1970s, there was a global recession that was caused by rising oil prices and inflation. This recession lasted for several years and affected many countries.
3.The 2008 financial crisis:
The most recent global recession was the 2008 financial crisis, which was triggered by the collapse of the US housing market and the failure of several large financial institutions. This recession lasted for several years and had a significant impact on the global economy.
4.COVID-19 recession:
In 2020, the COVID-19 pandemic triggered a global recession as countries around the world implemented lockdowns and restrictions to control the spread of the virus. The recession is ongoing and has affected many industries, particularly travel, hospitality, and retail.
5.Recession due to Russia – Ukraine War 2022:
Most of the Western and European countries faced recession like situation after war between Russia & Ukraine. These countries depend solely on cheaper Russian oil & gas, but after war Russia stopped the supply which adversely effects the economic situation of US & European countries.
US federal raises the interest rate from 1.5% (In June’2022) To 5% (In Mar’2023) which impacts on a tremendous hike in mortgages, home loan & personal loan etc.
Also, the one of the famous & biggest banks Silicon Valley Bank and Signature Bank defaults.
Unemployment rate is at its peak in these countries, but there are some developing countries like India get unaffected.
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