Nobody wants to face a recession. It is because people fear of losing their jobs, stock market crashes, people go bankruptcy and so much more can happen. However, this is something nobody can avoid it and must learn how to face it.  So what actually is considered as an economic recession? A recession is a contraction phase of the business cycle. The U.S. based National Bureau of Economic Research (NBER) defines a recession a tad more vague as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." A sustained recession may become a.......duh, duh, dunnnn depression. Tags: bankruptcy, economic recession, jobs, stock market crashes, wall st crash