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    Recession

    /rɪˈsɛʃən/

    Meaning & Definition

    noun
    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.
    The country entered a recession after experiencing two consecutive quarters of negative growth.
    A period of reduced economic activity and increased unemployment.
    During the recession, many people lost their jobs and struggled to find new employment.
    The act of withdrawing or going back; receding.
    The recession of the floodwaters allowed residents to return to their homes.
    A decline in the richness or vitality of something, such as a field of study or practice.
    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

    The Great Recession
    The Great Recession of 2008 affected millions globally.
    Recession-proof
    Some businesses are considered recession-proof because they still do well in tough economic times.