recession

Universal Words noun 1 [C,U] a difficult time for the economy of a country, when there is less trade and industrial activity than usual and more people are unemployed: the impact of the current recession on manufacturing * The economy is in deep recession. * active policies to pull the country out of recession * These industries have been hard hit by recession. 2 [U] (formal) the movement backwards of sth from a previous position: the gradual recession of the flood water