What is the definition of a recession?


Quick Answer

In economics, a "recession" means a period of contraction that is typically limited in scope or time. It contrasts with a "depression," which means a more severe economic decline.

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Full Answer

"Recession" is a noun that can also mean the act of withdrawing, a receding part of a building or the act of restoring possession to a former owner.

"Recession" entered the English language in the 1640s from the French word "r��cession." It originates from the Latin word "recessionem," which means the act of going backward or withdrawing. "The Economist" introduced "recession" in the economic sense in 1929, a few days after the beginning of the Great Depression.

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