Answer:
A recession in the field of economics is a contraction of the business cycle that happens when there is a general fall in economic activity. Recessions typically start when expenditure falls dramatically across the board.
Knowing about recession is significant as it affects people, including us. When a recession occurs, there is a rise in unemployment. People are earning less money and spending less as a result of fewer jobs.
Companies sell less during recessions, and economic growth slows down or stops altogether. Large percentages of personnel may need to be let go by organizations to reduce expenses, which will lead to widespread unemployment.