In the period from 1971, when I graduated from IIM Calcutta, till today, I have lived and worked through seven recessions and my learning has been this: Governments usually avoid the word “recession” till it is over and newspapers, magazines, and TV pundits (and now websites) also look the other way as if an active discussion about a recession, while you are in the middle of one, can only make it worse by frightening business-people.
But, for me, there has in the four-decade period an unfailing indicator: Empty hoardings on Marine Drive, Mumbai, the stretch from Nariman Point ...
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