Definition of recession

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< recess

recession >

re·ces·sion¹

-s

n) KEY

NOUN:

The act of withdrawing or going back.
An extended decline in general business activity, typically two consecutive quarters of falling real gross national product.
The withdrawal in a line or file of participants in a ceremony, especially clerics and choir members after a church service.

ETYMOLOGY:
Latin recessi, recessin-, from recessus, past participle of recdere, to recede ; see recede¹

OTHER FORMS:
re·cession·ary(Adjective)

Thesaurus: synonyms for recession

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