economic recession
Prolonged financial decline
An economic recession is a significant decline in economic activity lasting more than a few months, typically marked by falling GDP, rising unemployment, and reduced consumer spending.
Economists often define it as two consecutive quarters of negative growth, though the determination involves multiple indicators.
The 2008 recession hit housing markets hardest.
Recession is milder than depression but still painful for workers and businesses.
Lender seizes mortgaged property
- bankruptcyLegal status when insolvent
- insolvencyInability to pay debts
- povertySevere lack of resources
- evictionForced departure from rental
debt · food insecurity · homelessness · default · repossession · financial distress · breadlines · soup kitchens
Reduction in size
- slowdownReduction in pace
- declineDecrease or refuse
- slumpExtended period of decline
- bustFailure or sculpture
bear market · credit crunch · deleveraging · market correction · trough · negative growth · business cycle · retrenchment
Mass job eliminations
- joblessnessState without paid work
- underemploymentInsufficient use of labor capacity
- redundanciesUnneeded duplications or repetitions
- furloughsTemporary work absences
hiring freeze · workforce reduction · claims · severance · pink slips · job losses · retrenchment · downsizing
Planned spending reductions
- belt-tighteningReducing expenditures deliberately
- fiscal disciplineControlled government spending
- spending freezeHalt to disbursements
- pension cutsLowered retirement payments
wage freeze · rationing · cutbacks · frugality · retrenchment · emergency measures
Stagnant growth meets inflation
- hyperinflationExtreme rapid price escalation
- cost of livingPrice of basic necessities
- currency devaluationReducing money's official value
- quantitative easingAsset purchases to boost economy
consumer price index · shrinkflation · price controls · monetary policy
Amount still owed
- national debtGovernment's accumulated borrowing
- government borrowingState taking on debt
- budget shortfallInsufficient funds for expenditures
- debt crisisUnmanageable accumulated borrowing
sovereign debt · fiscal stimulus · bailout · deficit spending · bond yields · public debt · fiscal policy · debt ceiling
foreclosure
Lender seizes mortgaged property
- bankruptcyLegal status when insolvent
- insolvencyInability to pay debts
- povertySevere lack of resources
eviction · debt · food insecurity · homelessness · default · repossession · financial distress · breadlines · soup kitchens · bank runs
contraction
Reduction in size
bust · bear market · credit crunch · deleveraging · market correction · trough · negative growth · business cycle · retrenchment · pullback
layoffs
Mass job eliminations
- joblessnessState without paid work
- underemploymentInsufficient use of labor capacity
- redundanciesUnneeded duplications or repetitions
furloughs · hiring freeze · workforce reduction · claims · severance · pink slips · job losses · retrenchment · downsizing · unemployment benefits
budget cuts
Planned spending reductions
- belt-tighteningReducing expenditures deliberately
- fiscal disciplineControlled government spending
- spending freezeHalt to disbursements
pension cuts · wage freeze · rationing · cutbacks · frugality · retrenchment · emergency measures
stagflation
Stagnant growth meets inflation
- hyperinflationExtreme rapid price escalation
- cost of livingPrice of basic necessities
- currency devaluationReducing money's official value
quantitative easing · consumer price index · shrinkflation · price controls · monetary policy
deficit
Amount still owed
- national debtGovernment's accumulated borrowing
- government borrowingState taking on debt
- budget shortfallInsufficient funds for expenditures
debt crisis · sovereign debt · fiscal stimulus · bailout · deficit spending · bond yields · public debt · fiscal policy · debt ceiling · treasury bonds
flatline
Show no heartbeat
- zero growthNo increase or decrease
- global crisesclimate crisis, financial crisis, debt crisis, energy crisis, food crisis
- pandemiclockdowns, COVID-19, outbreak, epidemic, COVID
- inflationinflation, CPI, price hikes, hyperinflation, cost-push inflation
economic recessioneconomic boom
Sustained period of growth
boom · economic expansion · expansion · bull market · recovery
economic recessionprosperity
Good fortune, success
economic prosperity · affluence · full employment · golden age · economic miracle
economy, economic, recession, recede, economical, economics, receding, uneconomical, economies