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Recession
A recession is a broad decline in output, incomes, employment and spending. A common rule of thumb is two consecutive quarters of falling real GDP, though official definitions vary.
Why It Matters
Recessions are when jobs are lost fastest, which is why central banks try hard to avoid them.
In India
India’s economy shrank in 2020-21 during the pandemic lockdowns, its first full-year contraction in more than four decades.
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