If we look at economic recession meaning: it is a decline in Gross Domestic Product. But there are high chances of getting a Gross Domestic Product contract for a period, but that does not mean a recession. The main characteristics of recession are unemployment, income reduction, industrial production, and fluctuating prices of goods and services. There have been 50 recessions in History till now. Most recently, the US had its recent recession, which was the 51st in History. This was a two-month recession in the early months of 2020 as the result of the onset of the pandemic. The recession has been very common throughout the 19th and 20th centuries. There were only 10 recession cycles between 1945 and 2001, which is fewer than the similar time period in the past. Some economists have concluded that this is because of the less violated business cycle.

Difference 101