1. periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters
Usage: economics
2. the action of withdrawing or going back
Usage: formal

Examples

• The country has experienced three major recessions in the past two decades.
• Many businesses struggle to survive during economic recessions.
• Unemployment rates typically rise during recessions.
• The government implemented stimulus measures to combat the effects of recessions.
• Historians study the causes and effects of past recessions.
• The recession of 2008 had global impacts on financial markets.