An economic recession is a period of temporary economic decline during which trade and industry are reduced. It is typically characterized by a slowdown in economic activity, including a decrease in GDP (Gross Domestic Product), an increase in unemployment rates, and a drop in consumer spending. A recession can be caused by various factors such as high inflation, rising interest rates, or a sudden downturn in the business cycle. The severity of a recession varies depending on its duration and intensity, with mild recessions lasting for several months while severe ones may persist for years. Governments often implement economic policies to mitigate the effects of a recession, such as lowering interest rates or increasing government spending.