A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product [Gross domestic product] (GDP) growth mean recession, although more complex formulas are also used.
Bibliography
“Recession: What Is It and What Causes It.” n.d. Investopedia. Accessed March 12, 2023. https://www.investopedia.com/terms/r/recession.asp.