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A recession is a decline in economic activity, usually experienced as an increase in unemployment and decrease in production. Most countries define a recession as a decline in GDP for two consecutive quarters. A sustained recession is known as an economic depression. Many economists believe that periodic recessions are a "natural" part of the business cycle?.
Causes of recessions:
Causes of recessions:
- restriction of credit available in an economy due to protectEmail('stewsinc', 'eol.ca', '@');" href='monetary+policy' class='wiki'>monetary policy or a financial crisis?.
- a shortage an essential commodity (e.g. water, oil, labor)
- a recession elsewhere
- a sharp decrease in government spending
- an sharp increase in uncertainty? (due to war, political instability, or some other general crisis).
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