Recession is a macroeconomic concept for the decline in real gross domestic product (GDP) in the country or region for two or more following quarters of the year.
Recession in practice: Recession as one of the external influences on the organization affects its behavior and financial planning. It has an impact on customer demand, which is in most services and products during the recession lower (though there may be exceptions) and therefore businesses and other organizations during the recession must behave cautiously. On the other hand, during the recession, there is no upward pressure on prices (inflation), often leads to deflation and for companies in the financial market are available cheaper sources of funding (usually lower interest rate). During the recession may be in the labor market also cheaper labor.
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