downturn
n. countable B2 Upper Intermediate US //ˈdaʊnˌtɝn// UK //dˈaʊntɜːn// down·turn
n. a period when a business or an economy becomes less successful. It usually means there is less money, fewer jobs, or lower sales than before.
n. a decline in economic, business, or other activity from a previously higher level. Often used to describe cyclical shifts in the market or industry performance.
The company struggled during the recent economic downturn.
Economists are worried that the current downturn in the housing market might last for several years.
While the global downturn initially hit the manufacturing sector hardest, the subsequent reduction in consumer spending eventually rippled through the entire service economy.
Usage
Commonly paired with 'in' to specify the affected area (e.g., 'a downturn in sales').