A RecessioN is defined by a fall of a country's GrossNationalProduct? (GDP) in two successive quarters. Combined with InflatioN this process is known as StagflatioN?.
Recessions are mostly caused by economic shocks. The greatest, worldwide RecessioN that humanity has ever experienced was the GreatDepression? (late 1920s and 1930s) and the OilCrisis? in the 1970s.
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