economic contraction

Definition

A period of time in which gross domestic product (GDP) declines. Also called negative growth. Compare to Economic Expansion.

Use this term in a sentence

You should try to figure out a way to make the economic contraction work for you so that you can improve from it.

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Although he was passionate, he should have considered that growing a new business is difficult in times of economic contraction.

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The United States of America experienced economic contraction due to the loss of gross domestic product from manufacturers moving overseas.

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