What is recession???
Well this word has created a lot of trouble to the people in industries, especially IT sector... Recession is nothing but economic breakdown. It is a sort of buisness contraction i.e., general slowdown of economic activity.
To explain more clearly lets us first see about the budgets of any country. There are two types of budget generally. One is Surplus budget and the other is Deficit budget.
SURPLUS BUDGET: It means that the profit of a country is more than that of the expenses it has spent in a year.
DEFICIT BUDGET: It means that there is no profit for the country. A country takes more loan from international banks. That is the expenses of the country is high.
