/ rɪˈseʃn; NAmE / noun
1.
[ C , U ] a difficult time for the economy of a country, when there is less trade and industrial activity than usual and more people are unemployed :
the impact of the current recession on manufacturing
The economy is in deep recession .
policies to pull the country out of recession
2.
[ U ] ( formal ) the movement backwards of sth from a previous position :
the gradual recession of the floodwater
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WORD ORIGIN
mid 17th cent.: from Latin recessio(n-) , from recess- gone back, from the verb recedere go back, from re- back + cedere go.