Recession

Part of speech: noun

Pronunciation: /ɹɪˈsɛʃn̩/

Definitions

1. A period of temporary economic decline during which trade and industrial activity are reduced, typically identified by a fall in GDP in two successive quarters
2. A significant slowdown in economic activity characterized by a decline in consumer spending, increased unemployment, and reduced production levels over an extended period
3. A phase marked by a decrease in economic growth, often reflected in lower gross domestic product, high unemployment, and diminished business investment

Etymology: The economic sense of "recession" is a fairly modern extension of a word that, for centuries, meant nothing more than a physical act of withdrawing. The Latin "recessio" came from "recedere," meaning to go back or retreat, built from "re-" (back) and "cedere" (to go). In English it first described a backward movement, a receding of water, a withdrawal from a place, or the retreat of an army, and the sense of a pulling back carried through into more figurative uses over time. The economic meaning took shape later, as writers began using the word metaphorically for a falling-off or withdrawal of trade and activity. The image is that business has drawn back from its former level, much as a tide pulls away from the shore. Today's sense, a sustained slowdown in spending, jobs and production, is the result of that metaphor settling into a technical term.

Synonyms: decline, downturn, slump, depression, retrenchment

Antonyms: growth, expansion, boon, prosperity, upturn