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The word “recession” recently forced itself on every Nigerian and it became part of our vocabulary.No single day can pass us bye without our daily tabloids being filled with it bodly written or printed.As popular as this word is, the meaning of this word might be strange but the implications and effect can be seen by every Nigeria.

WHAT IS RECESSION?

According to the definition copied on http://www.economichelp.org, a recession means a fall in gross domestic product GDP or national output.

CHARACTERISTICS/IMPLICATIONS OF ECONOMIC RECESSION

Economic recession is usually characterised by :

1.High unemployment

2.Falling average income

3.Increased inequality

4.Rising bond yield

5.Higher government borrowing

6.Fall in tax revenue

7.Budget deficit

8.Output loss

9.Impact on workers

The impact of a recession depends on how long it lasts and the depth of the fall in output.

The fall in output simply denotes and implies fall in productivity which might make basic…

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