A recession is defined as a decline or drop in economy growth of a nation which is associated with high unemployment ,inflation rate,low business profit,low investment spending,high interest rate,unfavorable government policies,slowing gross domestic product,(by GDP I mean the market value of goods & services produced in a country within a given period of time).
A recession might last for 6,12 to 18 months but any recession that cuts into 2 to 3 years leads to economy depression which is a prolonged recession period, meaning an economy will experience no growth in output.
It has both negative and positive impact but the negative impact on individuals,firm and the country at large is much more higher than the positive impact as individuals will not be able to pay bills,weaker firms will exit the market leaving stronger firms with less competitors.
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