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recession |
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recessionIn economics, a fall in business activity lasting more than a few months, causing stagnation in a country's output.
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The organization was formed in the summer of 1957 against a backdrop of economic depression -- a downturn that included the closure of Convair's aircraft manufacturing operations. Some experts say that oil will hit US$200 a barrel within two years, and that a reduction in the oil supply would lead to a worldwide economic depression. In October 1929 the stock market crashed, 40 percent of the paper values of common stock crashed with it, and the nation was soon plunged into its greatest economic depression. |
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