down ‧ turn /ˈdaʊntɜːn $ -tɜːrn/ BrE AmE noun [countable usually singular]
a period or process in which business activity, production etc is reduced and conditions become worse OPP upturn :
America’s current economic downturn
downturn in
a downturn in the auto industry
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THESAURUS
▪ recession a period when a country’s economic growth stops and there is less trade:
The industry has cut jobs due to the recession.
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fears that the economy may be sliding into recession
▪ depression a long period during which there is a bad recession, so that there is very little business activity and a lot of people do not have jobs:
During the depression of the 1930s, as many as 20% of the population were jobless.
▪ slump a fairly short period when there is a reduction in business and many people lose their jobs:
The slump in the housing market is making it difficult for people to sell their homes.
▪ slowdown a period when there is a reduction in business activity, that may be the start of a recession:
High prices could tip the slowdown in the US into a world recession.
▪ downturn a period during which there is a reduction in business activity and economic conditions become worse, when before the economy was growing:
Public spending may reduce the effects of the downturn.
▪ crash an occasion when the value of stocks and shares on a stock market falls suddenly and by a large amount, causing economic problems:
The Wall Street Crash of 1929 was disastrous for not only the American economy, but for the world economy.