Recession

Uncommon card · No. 91638

In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster (e.g. a pandemic). There is no official definition of a recession, according to the International Monetary Fund. In the United States, the private recession-declaring National Bureau of Economic Research defines it as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales". The Euro Area Business Cycle Network and Centre for Economic Policy Research in Europe have adopted similar definitions...

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