bust
n. countable B2 Upper Intermediate US //ˈbəst// UK //bˈʌst// bust
n. a period of time when an economy or a business fails and loses a lot of money. It is the opposite of a 'boom' when everything is going well.
n. a period of economic decline, business failure, or sudden loss of value. Often used in the context of the 'boom and bust' cycle to describe the contraction phase of an economy.
Many small companies closed during the recent economic bust.
After years of rising house prices, the sudden market bust left many homeowners with debts larger than their property's value.
Economists argue whether the current tech bust is a necessary correction or a sign of deeper systemic instability within the global venture capital ecosystem.
Usage
Commonly used in the fixed phrase 'boom and bust' to describe economic cycles.