There is a shift in psychological sentiments and tangible output when a nation is about to enter a period of Recession or is in the process of getting out of one. For a further detailed and specific definition, one can refer to a Recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales” (by National Bureau of Economic Research, a private American economic research organization). In layman’s terms, a recession occurs when there is a decline in generic economic activity. To further understand recoveries, it is imperative to know the true sense of Recession and its standard behavior. Recovery behavior is often understood by using an amalgamation of leading and lagging indicators that help the country find a proper footing in the existing environment. Rise in income levels, unemployment level going down, acceleration of production and active trading, an overall increase in the GDP are some of the factors that indicate the beginning of a nation’s journey on the path to a well-adjusted economic environment and the acceptance of a new normal. During this period, the restoration phase of the economy sets into motion. Economic recovery, therefore, is the period that follows an ongoing recession (for our context, the event in the discussion being the Covid-19 pandemic).

However, the time spent in each of the stages is relative. A standard business cycle experiences the stages of expansion, peak, Recession, depression, trough followed by a recession a circulation through these phases is typical for any economy.

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