The stock market crashed and unemployment was at an all-time high. 
This period of prolonged economic tragedy is known as The Great Recession.

Now more than a decade later, sky-high interest rates and increasing inflation have left many in the US wondering if the world is moving towards another recession.

And experts say it’s too early to speculate any future recession, even though
there are signs of an economic downturn. 

Let’s understand what a recession is.

Script and production: Richard Kujur

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A recession is a period of economic decline, where there is a significant drop in economic activity across the country. This usually leads to a decrease in consumer spending, investment, and employment, ultimately leading to a decrease in the overall gross domestic product (GDP).

Recessions can have a significant impact on the lives of people, as it can lead to higher unemployment rates, reduced wages, and a decrease in the overall standard of living. Many people may find it difficult to find a job, and those who are employed may have to face wage cuts or reduced work hours.

There are several factors that can lead to a recession, including a decrease in consumer confidence, a decline in business investment, and a decrease in government spending. Additionally, external factors such as a global economic downturn or a decrease in the demand for exports can also contribute to a recession.

It is important to note that a recession is a normal part of the economic cycle, and they occur periodically. However, the severity and duration of recessions can vary, and they can have long-lasting effects on the economy and the lives of people.

Governments and central banks often take measures to try and mitigate the effects of a recession. For example, they may lower interest rates to encourage borrowing and spending, increase government spending to stimulate the economy, or implement tax cuts to boost consumer spending.

In conclusion, a recession is a period of economic decline that can have a significant impact on the lives of people. It is important for governments and central banks to take appropriate measures to try and mitigate the effects of a recession and to help the economy recover.