Overview
A Recession is a significant decline in economic activity spread across the economy, generally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Recessions are important as they often lead to job losses, reduced consumer spending, and declines in market confidence, requiring governmental and monetary policy interventions to mitigate their effects.
Current status
Recession is currently classified as Dormant. Dormant means there has been no significant new coverage recently.