Legal Definitions - recession

A recession is a time when the economy slows down. This means that there are fewer jobs available, people spend less money, and businesses invest less. It is a difficult time for many people and can last for a long time.

For example, during the recession of 2008, many people lost their jobs and homes. Companies stopped hiring and started laying off workers. People had less money to spend, so they cut back on things like eating out and buying new clothes.

Another example is the recession that happened in the early 2000s after the dot-com bubble burst. Many tech companies went bankrupt, and people lost their jobs. This led to a decrease in consumer spending and a slowdown in the economy.

These examples show how a recession can have a big impact on people's lives. It can be a difficult time, but eventually, the economy will recover and things will get better.