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English definition of “contraction”

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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