recession

  

Definition

Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression. Although recessions are considered a normal part of a capitalist economy, there is no unanimity of economists on its causes.

Use recession in a sentence

  • Many people cut back on unnecessary shopping and travel during the last recession, because they felt their jobs might be in jeopardy.

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  • The account broker lost most of his money during the recession, but made it all back in the few years that followed.

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  • The current economic situation is one the largest periods of economic decline since the Great Depression of the 1930s which remains, to this day, the largest recession the world has ever known.

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