Generally recession is an extended decline in general business activity. A prolonged (there of four years) recession is referred to as an economic depression. There are many causes of recession. Most economists believe that recession is caused by inadequate aggregate demand in the economy. Destructive wars in many parts of the world consume properly. Besides, acute sense of insecurity among the people contributes to the formation of recession. The effect of recession on a developing country like Bangladesh is alarming. It directly affects the export-import activities of the country. Our garments industry which earns 76% of our total export income has already been threatened by an acute uncertainty. Real estate business is experiencing a decline. Many shareholders have already lost everything. Some banks are on the verge of being bankrupted. Unemployment problem is already at its zenith. Many companies are increasing and corruption is still on the rise. Economic recession is undoubtedly alarming for Bangladesh. BGMEA leaders have already attracted the attention of the government to take necessary actions against this global recession. Government has also announced a subsidy for some particular sectors. But the economists behave that some effective steps must be taken by the government immediately. Otherwise, our country will face an unpredictable economic catastrophe.