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English definition of “boom and bust”

boom and bust

noun [U]    
ECONOMICS a situation in which an economy or business regularly goes through periods of increased activity and success followed by periods of failure: The history of oil is one of boom and bust. In the gold industry, boom and bust cycles last an average of 10 years. The country seems, for now at least, to have left behind boom-and-bust economics.
(Definition of boom and bust noun from the Cambridge Business English Dictionary © Cambridge University Press)
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