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A recession is a decline in a country's Gross Domestic Product (GDP) growth for two or more consecutive
quarters of a year. A recession is also preceded by several quarters of slowing down. An economy, which
grows over of period of time, tends to slow down the growth as a part of the normal economic cycle. An
economy typically expands for 6-10 years and tends to go into a recession for about six months to 2 years.
A recession normally takes place when consumers lose confidence in the growth of the economy and
spend less. These leads to a decreased demand for goods and services, which in turn leads to a decrease in
production, lay-offs and a sharp rise in unemployment