A Review of the Impact of Economic Recession on Sustainable Economic Development in Nigeria

Abstract

Every economy (country) is affected by the business cycle (economic cycle).  Recession is a business cycle contraction which is a general slowdown in economic activities for two consecutive quarters, Nigeria as a nation has been in recession for five consecutive quarters CBN.  The government has been doing the talking on how the recession could be brought to an end but with little action, the monetary policy and other economic policies put in place add more to the problem instead of relief. The country finance minister announced that the country is out of the recession which is not so base on the economic indicator such as Gross Domestic Product (GDP) which suppose to be on the steady rise if the country is out of recession. This paper discusses economic recession; concepts, causes, and implications for the wider economy. Revealed in the paper are the causes of economic recession, depression, and possible solutions; It reviewed the implications of the recession on the wider economy which consists of both macro and micro.