Recession is a difficult time for the economy of a country, when there is less trade and more people are unemployed. Recession is a general downturn in any economy. Economic recession is a period of general economic decline and is typically accompanied by a drop in stock market and an increase in unemployment and a decline in the housing market. Some causes of economic recession are: - Reduction in the confidence of the consumer - Inflation This is an increase in the price of goods. For example price of rice in Nigeria right now is pricey. The man in the picture below is reacting to the high price of rice.
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