What Is a Recession?
First, let's take a look at recessions. There are two
definitions of recession: one defines a recession as
two consecutive quarters of negative economic
growth, and the second defines a
recession as a significant decline in national
economic activity that lasts more than just a few
months.
How It Works
The growth of our economy rests upon the balance
between the production and consumption of goods
and services. As the economy grows, so do incomes
and consumer spending, which continues the cycle
of growth. However, because the world is not
perfect, at some point, the economy has to slow.
This slow down could be caused by something as
simple as an oversupply, where producers
manufacture too many goods. When this happens,
the demand for those goods will drop. A recession has a domino effect, where
increased unemployment leads to less growth
and a drop in consumer spending, affecting
businesses, which lay off workers due to losses. A
recession occurs when there are two or more
consecutive quarters of negative gross domestic
product (GDP) growth. In other words, economic
growth slows during a recession. Attributes of an
economy experiencing a period of recession include
a fall in sales and revenues of corporations, a fall in
stock prices, falling incomes and a high
unemployment rate.
When an economy is facing recession, business
sales and revenues decrease, which cause
businesses to stop expanding. When demand is not
high enough, businesses start to report losses and
first try to reduce their costs by lowering wages,
keeping wages where they are and ceasing to hire
new workers, which increases the unemployment
rate. A decrease in the GDP causes firms that aren't
recession-proof to report losses and can cause
some companies to go bankrupt, resulting in
massive layoffs and increasing the unemployment
rate as well.
Recession effects can snowball and worsen the
recession. When there are massive layoffs and no
jobs being created, consumers tend to save money,
tightening the money supply. When there is a
tightened money supply, unemployed workers and
workers with low wages tend to save more and
spend less, decreasing the demand for goods and
services and decreasing consumer spending. This
drop in demand lowers the growth rate of
companies and the economy, which, in turn, leads to greater losses in non-recession-proof business.
REMEDIES OF ECONOMIC RECESSION
1.. Promote the Exports
The government should promote export, trade and business
process in order to reduce the deficit of acute and sharp balance of payment.
2..Reduce the Unemployment
The government should open new factories and industries at as many places as possible. Unemployment should be reduced at
minimum level. It is necessary for the progress and prosperity of economical situation.
3..Reduce the Inflation
Increase in prices of foods, utilities and essential commodities must cause high depression for general public. The government should increase the production of different ways in order to
stable the gap between the supply and demand.
4..Promote the Investors
The government should promote and appreciate the local and foreign investors in order to increase in investment and for the establishment of the financial position of the country.
Question nigerians should be asking
1.. What are economic policy put in place by the government to combat this recession
2..Government should make it known when Money is finally put into manufacturing E.T.C

Yes off course

It is so sad that threads like this are not always promoted.

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