A recession is a period of economic decline or contraction. It is typically characterized by a decrease in gross domestic product (GDP), an increase in unemployment, and a decline in consumer spending and business activity.

Recessions are a normal part of the business cycle, and they can occur for a variety of reasons. These can include a drop in demand for goods and services, a decline in consumer confidence, or a decrease in credit availability. Recessions can also be triggered by external events, such as a natural disaster or a global financial crisis.

During a recession, businesses may experience reduced profits, and they may need to lay off workers or cut back on production. Consumers may also feel the effects of a recession, as they may have less disposable income and may be more cautious about spending money.

Overall, a recession is a challenging time for both businesses and individuals, and it can take some time for the economy to recover and return to a state of growth.

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