Seeing as it’s highly likely in the near future and life is already tight as fuck right now.. what exactly IS a recession? What does it mean for the average citizen like me? (UK). I’ve only ever heard it spoken about in very bad way and the last one happened when I was too young to worry.. but now, I’m kinda shitting it.
TIA
In: 6
A recession is when the GDP growth in a country is negative for at least 2 quarters in a row.
What that means is, the economy is getting smaller for 6 months in a row, less goods are being made, less services are sold.
What a recession usually means for us peons? Companies that are suffering from the recession because they are selling less stuff tend to fire people, under a recession unemployment goes up.
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