Recession

What is recession?

When economy is suddenly affected by drastic changes (e.g. collapse of the US stock market), people are more reluctant to spend money. Hence, businesses have to reduce prices to encourage more consumer spending. But in order to keep prices low, they have to retrench staff or reduce employee salaries. Thus people have less money to spend. The cycle continues.

And here our minister is smiling because our hypermarkets are reducing prices...