History of Big Recessions

A recession is a decline in economic activity for a period of at
least half a year. The world has seen several recessions of
varying degrees. Every part of the human inhabitable world has
experienced a recession at a point of history. Compared to the
underdeveloped and developing countries, the developed nations
usually fall into definitive recession. Some recessions are of long
duration like the Great Depression, while some are less severe
economic crises. There are many causes for a recession.
Economists around the world use different techniques to predict
the recession. Also, there are many indicators to establish an
economic condition as a recession. A recession can have
long-lasting impacts on human lives. It can affect different
dimensions of society. There are also many economists who are
of the opinion that recessions are a normal part of an
economic cycle. Something that provides an opportunity to take
remedial measures and bring in innovations.