recession
n. C / Un. a period of time when a country's economy is doing poorly. During this time, businesses make less money and many people lose their jobs.
n. 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 is currently in a deep recession.
During the last recession, many small businesses were forced to close because people stopped spending money on luxury items.
Economists debated whether the aggressive interest rate hikes would successfully curb inflation or inadvertently trigger a prolonged recession that would take years to recover from.
Borrowed from Latin recessiō, from recēdō (“recede, retreat”), from re- (“back”) + cēdō (“to go”). By surface analysis, recess + -ion.
Often used with the verbs 'enter', 'trigger', or 'weather'; frequently preceded by the preposition 'in'.
The country is in recession of 2008The country is in the recession of 2008When referring to a specific historical instance of an economic decline, the definite article 'the' is required.