- In economics, a recession is a business cycle contraction. It is a general slowdown in economic activity.
- Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise.
- A significant decline in activity across the economy, lasting longer than a few months
- It is visible in industrial production, employment, real income and wholesale-retail trade.
Inflation is the percentage change in the value of the Wholesale Price Index (WPI) on a year-on year basis. It effectively measures the change in the prices of a basket of goods and services in a year. In India, inflation is calculated by taking the WPI as base.
You can also see the below video to have a better understanding.
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