Beating Recession in 1-2-3 Economically speaking, recession is a period of temporary economic decline,...
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Economically speaking, recession is a period of temporary economic decline, characterised by the reduction of a country’s production in terms of gross domestic product (GDP) for two or more quarters. However, this is a lagging indicator, i.e. we would not be certain whether we are in a recession until at least 6 months later. Furthermore, lay people like us would not have the necessary economics knowledge to identify a recession and prepare ourselves for it when it is happening, until perhaps, media announcement.

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