recession
US /rɪˈseʃ.ən/
UK /rɪˈseʃ.ən/
1.
a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
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The country is currently experiencing a deep recession.
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Many businesses struggle to survive during a recession.
2.
the action of receding; a movement back or away from a previous position.
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The recession of the hairline is a common sign of aging.
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The recession of the floodwaters revealed the damaged crops.