A recession is a period of slowdown in trade and economic activities. It is identified by a fall in GDP, business profits and employment during successive quarters, that is for at least six months in a row. Recessions occur when there is a significant drop in spending due to reasons like the COVID pandemic which caused many to lose their jobs, and when there are unfair business practices. To tackle recession, governments have to infuse more money into the system, improve credit flow to industry, control price rise, address problems of unemployment to revive spending, reduce interest rates, and decrease taxation. With the Russia-Ukraine war escalating, the world is witnessing economic and humanitarian disasters. Struck by unprecedented sanctions, Russia has already plunged into a deep recession. As a result of the war, the global economy is also weakening with disruptions in trade and food, and soaring energy prices, all of which contribute to rising inflation.
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