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English definition of “understatement”

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understatement

noun [S or U] uk   /ˌʌn.dəˈsteɪt.mənt/ us    /-dɚ-/
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. That New York City is not a peaceful place to live is the understatement of the year/month/century.
(Definition of understatement from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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