Agency Dictionary

Recession

nounPronunciation: /rɪˈsɛʃ.ən/

In Portuguese: Recessão

Economics & Finance

What does “Recession” mean?

A significant and widespread decline in economic activity lasting across several months, typically marked by falling GDP, reduced industrial production, and rising unemployment.

Etymology

Borrowed from Latin recessiō (a retreating, a withdrawal), from recēdō (to recede), from re- (back) and cēdō (to go). The economic sense of a temporary downturn in economic activity became standard in the 20th century.

Usage note

A recession is often defined as two or more consecutive quarters of negative economic growth. A depression is a more severe and prolonged downturn.

Synonyms

downturn
contraction
slump
decline

Often confused with

depression: A recession is a relatively short period of economic contraction; a depression is longer, deeper, and accompanied by widespread unemployment and financial collapse.

Word family

recede
recess
recessive
recessionary

Rhymes with

obsession
depression
expression
impression
profession
possession

Usage examples

That concept turned into stardust at the exact moment that COVID-19 triggered the beginning of an economic recession back in 2020 and also sent a tsunami of new users to the digital world.

Concepts

Source editions

Where this entry comes from in the Agency editorial.

issue.0 - Row Your Boat, Sailor.March 3, 2023Read the edition

Words of the same theme

Consumernoun: An individual or group that acquires, purchases, or consumes physical or commercial goods and services for personal use. In marketing, consumers are studied for purchasing patterns and brand preferences.
Bailoutnoun: An emergency provision of financial assistance to a failing company, bank, or economy to prevent insolvency.
brokeragenoun: The business, activity, or fee of a licensed broker who facilitates commercial transactions between buyers and sellers.
cinnamonnoun: An aromatic spice obtained from the stripped inner bark of several tree species of the genus Cinnamomum.
commoditynoun: A basic primary good, agricultural staple, or raw material that is interchangeable with other goods of the same type.
Deflationaryadjective: Tending to cause or associated with a general and persistent decline in price levels across an economy.
denariusnoun: A standard silver coin in ancient Roman currency that served as the principal denomination of daily commerce and military pay.
Emporoinoun: Ancient Greek merchants or maritime traders who carried goods between different city-states and overseas ports.
fiat currencynoun: Government-issued legal tender not backed by a physical commodity such as gold or silver.
Incentivenoun: A motivating factor, reward, or condition that incites or encourages an individual or business to take action.

Also from these editions: terms

Catharticadjective: Providing psychological relief through the open expression and release of strong or repressed emotions.
Clausenoun: A distinct article or stipulation in a formal treaty, bill, or legal contract addressing a specific condition or obligation.
Corporativismnoun: The defence of the interests of a business class or professional group above the general interest, and the culture built around it. The word also names a political and economic system organized through corporations of employers, workers and professions.
Deficitnoun: The amount by which a sum of money falls short of the required or expected amount, particularly when spending exceeds revenue.
Impatientadjective: Restlessly intolerant of delay, opposition, or tedious circumstances, wanting immediate results or action.
Paddlenoun: A short, light oar with a flat blade at one or both ends, held with both hands to propel and steer a small watercraft.
Transhumanismnoun: A philosophical and intellectual movement advocating the transformation and enhancement of human capabilities through advanced technologies like biotechnology and cybernetics.
Tsunaminoun: A series of massive ocean waves caused by sudden displacement of water from undersea earthquakes, or metaphorically a sudden overwhelming influx of events.
Venturenoun: A risky, daring, or commercial undertaking typically involving financial investment and uncertainty regarding the final outcome.
Inertianoun: The tendency of an object to remain at rest or in uniform motion unless acted upon by an external force, or a state of sluggish inaction in organizations.
Syntaxnoun: The arrangement of words and phrases to create well-formed sentences in a natural language, or the structural rules governing code expressions in computing.