recession

recession
   A recession is a period during which a country’s economic output falls below its potential, producing less goods and services than the country has capacity for. Recessions are characterized by negative levels of economic growth and corresponding unemployment. High levels of unemployment alone do not mean recession, as the late 1980s illustrate. The British economy has experienced three recessions since the 1970s. The first came at the end of the Heath government’s (1970– 4) brief economic experiment. The second was at the beginning of the 1980s following Thatcher’s deflationary budgets. The third was at the beginning of the 1990s as the Lawson boom collapsed. In 1998 it was feared that the country was slipping into a fourth recession.
   See also: financial crises; monetarism
   Further reading
    Artis, M.J. (ed.) (1992) The UK Economy, London: Weidenfeld & Nicholson.
   ALASTAIR LINDSLEY

Encyclopedia of contemporary British culture . . 2014.

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  • Recession — Récession Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom …   Wikipédia en Français

  • Recession — Re*ces sion, n. [Pref. re + cession.] The act of ceding back; restoration; repeated cession; as, the recession of conquered territory to its former sovereign. [1913 Webster] …   The Collaborative International Dictionary of English

  • recession — (n.) temporary decline in economic activity, 1929, noun of action from RECESS (Cf. recess) (q.v.): The material prosperity of the United States is too firmly based, in our opinion, for a revival in industrial activity even if we have to face an… …   Etymology dictionary

  • Recession — Re*ces sion (r[ e]*s[e^]sh [u^]n), n. [L. recessio, fr. recedere, recessum. See {Recede}.] 1. The act of receding or withdrawing, as from a place, a claim, or a demand. South. [1913 Webster] Mercy may rejoice upon the recessions of justice. Jer.… …   The Collaborative International Dictionary of English

  • recession — index capitulation, decline, erosion, outflow Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

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  • recession — ► NOUN ▪ a temporary economic decline during which trade and industrial activity are reduced. DERIVATIVES recessionary adjective …   English terms dictionary

  • recession — recession1 [ri sesh′ən] n. [L recessio < pp. of recedere: see RECEDE1] 1. a going back or receding; withdrawal 2. a procession leaving a place of assembly 3. a receding part, as of a wall 4. Econ. a temporary falling off of business activity… …   English World dictionary

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  • recession — noun ADJECTIVE ▪ bad, deep, major, serious, severe, sharp, steep ▪ It was the worst recession since the war. ▪ …   Collocations dictionary

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