Best europe places to visit for The national economies of industrialized nations tend to experience BUSINESS CYCLES, periods of expansion and contraction over time. Recession describes the period between a business cycle peak, when economic growth is high and UNEMPLOYMENT is low, and a business cycle trough, when economic growth is low (possibly negative) and unemployment is high. Although the term, business cycle, implies that the changes are regular and periodic, expansions and contractions are irregular in duration and magnitude. The business media often define an economic recession as two or more consecutive quarters of decline in real GROSS DOMESTIC PRODUCT (GDP, the value of all goods and services produced domestically in a country during a specific period of time). The Business Cycle Dating Committee of the National Bureau of Economic Research has defined recessions in the UNITED STATES since the 1920s using its own standard: A recession is a significant decline in activity spread across the economy, lasting more than a few months, visible in industrial production, employment, real income, and wholesaleretail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. A common criterion for a recession is that it is prolonged; for this reason, there is by necessity a delay between when a recession begins and when it is officially declared a recession. Best europe places to visit 2016.