Meaning of “understatement” in the English Dictionary

british dictionary

"understatement" in British English

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understatementnoun [ S or U ]

uk /ˌʌn.dəˈsteɪt.mənt/ us /ˌʌn.dɚˈsteɪt.mənt/

a statement that describes something in a way that makes it seem less important, serious, bad, etc. than it really is, or the act of making such statements:

To say that her resignation was a shock would be an understatement - it caused panic.
"It didn't go well? " "That's the understatement of the year/decade/century. It was a disaster."

(Definition of “understatement” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"understatement" in Business English

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understatementnoun [ C or U ]

uk /ˌʌndəˈsteɪtmənt/ us

a statement that something is much smaller, much less important, or much less serious than it really is:

It's an understatement to say the workers are worried about their futures.
with understatement The report says with understatement, 'there is still much scope for reform'.
understatement of the century/decade/year To say he's been busy would be the understatement of the year.

(Definition of “understatement” from the Cambridge Business English Dictionary © Cambridge University Press)