CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
In economics, recession refers to business cycle contraction, a generally slowdown in economic activity (Meriam-Webster, 2008). During economic recession,
many macro-economic indicators vary in a similar way. Production gross domestic product (GDP), employment, investment spending, capacity utilization,
household income, business profit and inflation all fall, while bankruptcies and unemployment rate sporadically rise. The National Bureau of Economic
Research (2008) defines an economic recession as a significant steady decline in economic activity spread across the economy, lasting more than a few
months, normally visible in real gross domestic product (GDP), real income, employment, industrial production and whole sale- retail sale. Economic
recession also refers to an all-round slowdown or meltdown in economic activity for two sequential years. During this period of economic recession, there is one
times a rejection in certain macroeconomic pointers such as GDP, employment, investment spending, capacity utilization, household income, business
income, and inflation, with the attendant increase in the rate of unemployment. Naturally, if an economy has two years sequential record quarters of negative
growth in real GDP, the country will be said to be in economic recession. GDP is the market value of all legitimately acknowledged final goods and services
produced in the country in a given period of time, usually one year.
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