recession

/rɪˈseʃ·ən/ n [C/U]

Definition

› social studies a period when the economy of a country is not doing well, industrial production and business activity are at a low level, and there are many people unemployed: [U] The country is mired in recession. [C] The Japanese economy is experiencing its worst recession in 20 years.

(Definition of recession n from the Cambridge Academic Content Dictionary © Cambridge University Press)