Before you ask, I already searched it in google but the definition had no dept and deeper understanding.
In a nutshell what is recession?
Passive Income
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#1 by Professor Oglevee at August 2nd, 2009
A recession is a contraction phase of the business cycle. A common rule of thumb is that a recession occurs when real gross domestic product (GDP) growth is negative for two or more consecutive quarters. In the USA, the National Bureau of Economic Research (NBER) defines it more broadly 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] A sustained recession may become a depression.