This report talks about the recession and the present economy downturns. The report will cover the meaning of recession and how a recession concedes from a depression. In addition; the report will discuss the recession's effect and its impact on the business world. Moreover, the report will talk about how to make due in recession. Another field to be examined in the report is what are the great interests in a recession and what are the new standards and approaches acquainted by world government to get by from the recession. At last the report will talk about a few cases of lessons gained from the recession. This report has been divided basically into two invisible sub-divisions. The first part talking about the negatives and negative impacts that the Recession has on the Economy, which provides a quite familiar tone to almost all readers. The second part of this report discusses about all the benefits that could be derived out of this Recession. The Entrepreneurs and Individuals should act as opportunists during this term to grab the best opportunities that comes their way. A good manager is always defined as a person who could turn the unfavourable conditions and modulate it into a very favourable condition and take the advantage of the scenario.