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English definition of “contraction”


noun [C or U]     /kənˈtrækʃən/ ECONOMICS
a situation in which less money is being earned , spent , or invested in a market or economy : Michigan's economy experienced a contraction last year .(a) contraction in sth A sharp contraction in the labour market is predicted .
(Definition of contraction noun from the Cambridge Business English Dictionary © Cambridge University Press)
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