What is recession in economy?
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In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters.
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The Great Recession was a period of marked general decline observed in national economies globally that occurred between 2007 and 2009. The scale and timing of the recession varied from country to country.
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