Definition, Meaning & Synonyms
economic-downturn
noun
/ˌiːkəˈnɒmɪk ˈdaʊnˌtɜːrn/
Definition
A significant decline in economic activity across the economy that lasts for an extended period of time.
Examples
- During the economic downturn, many businesses struggled to stay afloat.
- The government implemented stimulus measures to combat the effects of the economic downturn.
- Families often tighten their budgets during an economic downturn.
Meaning
Economic downturns often involve a reduction in consumer spending, increased unemployment, and a slowdown in industrial production.
Synonyms
- recession
- slump
- decline
- downturn
