Recession is a period of economic decline, typically lasting for several months to several years. It is characterized by a decrease in economic activity, including a decrease in the production of goods and services, a decrease in spending and investment, and an increase in unemployment.
During a recession, businesses suffer, as do individuals and families. Businesses may experience decreased sales, resulting in layoffs and reduced wages.
Families may find it difficult to make ends meet due to decreased wages and job losses. The effects of a recession can be felt across all sectors of the economy, including the housing market, the stock market, and consumer spending.
As a result, a recession can have a significant impact on the overall economy, leading to a decrease in economic growth, increased poverty, and increased debt.
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