There is no official definition of recession, but there is general recognition that the term refers to a period of decline in economic activity [1]. Recession is a period when economic output contracts for 2 straight quarters. Kristalina Georgieva, Managing Director of the International Monetary Fund, says the world economy is that could be worse than the 2009 downturn [2].
COVID-19 Circular Flow of Income: How Retrenchment is Happening
Loss of Employment numbers are projected to increase by 799 each day