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recession

re·ces·sion [ ri sésh'n ] (plural re·ces·sions)

noun

Definition:

1. decline in economic activity: a period, shorter than a depression, during which there is a decline in economic trade and prosperity

2. withdrawal of somebody in ceremony: the withdrawal of the participants in a ceremony, e.g. the clergy and choir after a church service

3. receding: the process of going back or becoming more distant

re·ces·sion·a·ry adjective

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