Meaning & Definition of word "Recession"
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Recession
/rɪˈsɛʃən/
noun:
- 1. A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
- Example: The country entered a recession after experiencing two consecutive quarters of negative growth.
- 2. A period of reduced economic activity and increased unemployment.
- Example: During the recession, many people lost their jobs and struggled to find new employment.
- 3. The act of withdrawing or going back; receding.
- Example: The recession of the floodwaters allowed residents to return to their homes.
- 4. A decline in the richness or vitality of something, such as a field of study or practice.
- Example: The recession of interest in classical music has raised concerns among educators.
Etymology
Late Latin 'recessio', from 'recedere' meaning to move back.
Common Phrases and Expressions
double-dip recession:
A recession that occurs after the economy has already begun to recover from an earlier recession.
technical recession:
A period characterized by two consecutive quarters of negative economic growth.
economic downturn:
A general slowdown in economic activity over a sustained period.
Related Words
depression:
A severe or prolonged downturn in economic activity.
inflation:
A general increase in prices and fall in the purchasing value of money.
recovery:
A period of renewed economic growth after a recession.
Slang Meanings of recession
Meaning: The Great Recession
Example Sentence: The Great Recession of 2008 affected millions globally.
Meaning: Recession-proof
Example Sentence: Some businesses are considered recession-proof because they still do well in tough economic times.