According to the National Bureau Of Economics Research(NBER), recession is defined as "a significant 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 wholesale-retail sales". More specifically, recession is defined as when businesses cease to expand, the GDP diminishes for two consecutive quarters, the rate of unemployment rises and housing prices decline. If the economy falls back into recession as many economists are now warning, the bloodletting could be a lot more painful than the last time around. It was at the outset of the last recession in December 2007. Anxiety and uncertainty have increased in the last few days after the decision by Standard & Poors to downgrade the countrys credit rating and as Europe continues its desperate attempt to stem its debt crisis.