What is Recession

A recession is generally associated with a decline in a country's real gross domestic product (GDP), or negative real economic growth (macro economics). According to one widespread definition, a recession occurs when real growth is negative for two or more successive quarters of a year. However, there are differing definitions: In the United States, the National Bureau of Economic Research's (NBER) Business Cycle Dating Committee ultimately decides whether the economy has fallen into a recession. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production and wholesale-retail sales."[1]