Do you know what exactly is the recession? It is just a economic slow down or more than that. It is not only just a slow down in economy. Recession is one of the main problem in the world. It is nothing but the decline in the gross domestic product(GDP) of any country for two or more quarters of a year. Due to the recession, the GDP of the country decrease a lot. When a particular country is hit by recession, it faces so many problem, such as the country faces huge economic down turn, unemployment rate of the country increases a lot, the big inflation rate shoots up, the production in the industries is cut down, so many people who are employed will lose their jobs, and many more problem.
The current recession has shaped up as the single and largest problem for the whole world. It started from America, where people who borrowed money from the banks and they are failed to repay, and it which led to dept defaults. Due to this, the property prices fell and also led to sale of property. This situation became even worse due to Lehman Brothers bankruptcy.
Not only America is affected by recession, but the whole world is affected by this big devil. Since every country is dependent on each other in one of way. India is also affected by the recession. But India is not facing it completely. It which also witnessed high inflation, but it has come down now. But still India not completely come down. So many people losing their job every day. There is no industry has been spared, from IT to automobiles. Every industry has cut down their production. Because the customers are decrease spending money. Many economical experts says recession would last from 1-2 years.
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