Other forms: recessions
A recession is a period when a whole economy shrinks — output falls, businesses close, jobs disappear. In recession, come out of recession, the deepest recession since the war.
There is a widely used working definition: two consecutive quarters of falling output. It is a rule of thumb rather than a law, and economists argue about it, but it is what news reports mean. Distinguish it from a depression, which is far deeper and longer, and from a downturn, which is vaguer and milder. Note that recession also has a plain physical sense — the recession of the glaciers — meaning a moving back, which is the original meaning of the word.
1nounrecessionA period when an economy shrinks and jobs are lost.
“The recession lasted eighteen months.”
2nounmovingA moving back or withdrawal of something.
“The recession of the ice is measured every summer.”
recession is an economic decline.
Also accepted in games: downturn
Latin recessio means a going back, from recedere — re-, back, plus cedere, to go, the same verb behind proceed, concede and access. An economy in recession is literally one that has stepped backwards.
Latin
recessiō
English, today
recession
Built from
Latin recessiō, from recēdō (“recede, retreat”), from re- (“back”) + cēdō (“to go”). by surface analysis, recess + -ion.
Etymology from Wiktionary, CC BY-SA