A recession is a period of declining economic activity, typically lasting at least several months and signified by a decrease in employment, income, and production. 
 

The European Union is a political and economic union of 27 European countries that allows for economic integration and the free movement of goods, services, and people among member states.

The International Monetary Fund is an organization that works to promote economic cooperation and growth among countries by providing financial assistance and advice related to economic and financial policy.