What is Recession ?

 A recession is generally described as a significant decline( negative growth rate) in country’s GDP(Gross domestic product) for at least two quarters or longer. If you observe businesses are not exapanding, unemployement rises, housing and real estate prices decline on large scale then you can say that either recession started or we are in recession. 
National Bureau of Economic Research (NBER) of united states defines economic recession as: "a significant decline in [the] economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales."In general terms, If a recession is more deeper it is called as depression. Stay glued to LastBull to know more on depression and Impact of recession on Economy and you.