A recession is a decline in economic activity for a period of at

least half a year. The world has seen several recessions of

varying degrees. Every part of the human inhabitable world has

experienced a recession at a point of history. Compared to the

underdeveloped and developing countries, the developed nations

usually fall into definitive recession. Some recessions are of long

duration like the Great Depression, while some are less severe

economic crises. There are many causes for a recession.

Economists around the world use different techniques to predict

the recession. Also, there are many indicators to establish an

economic condition as a recession. A recession can have

long-lasting impacts on human lives. It can affect different

dimensions of society. There are also many economists who are

of the opinion that recessions are a normal part of an

economic cycle. Something that provides an opportunity to take

remedial measures and bring in innovations.