What does recession mean?
A period of economic decline, typically marked by a decline in economic activity, a decrease in production and employment, and a decrease in the overall level of economic output. A recession is usually defined as a decline in gross domestic product (GDP) for two or more consecutive quarters.
Example
"The country was in the midst of a recession, with high levels of unemployment and a decline in consumer spending."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.