Recession is the general slowdown or downturn in economic activity. Recessions are officially declared in macroeconomics after two consecutive quarters of negative GDP growth rates. Recessions are thought to be a constant part of the business/economic cycle of expansion and contraction. An economy begins to expand at its lowest point and begins to contract after reaching its peak (highest point). A severe recession that lasts for a long time eventually leads to depression.
Nigeria’s economy fell into recession in the third quarter of 2020, contracting 3.6% after contracting 6.1% in the second quarter, resulting in Nigeria's second recession in five years. Technically, Nigeria has had three recessions in the last 16 years, and overall, 5 recessions in its existence as a sovereign nation.
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