Why the runtime becomes exponential
T(n) ≈ T(n−1) + T(n−2) + O(1)
Every non-base call creates two more calls. The number of calls therefore grows with essentially the same recurrence as the Fibonacci sequence itself.
Time: Θ(φn), where φ ≈ 1.618
Space: O(n), because the deepest recursion path is n → n−1 → ... → 1.