recession An economic contraction evidenced by a decline in the GDP for two successive quarters and relatively high unemployment. Related Related Articles: What Christmas Trees Say About the Holiday EconomyWill We Have More Pandemic Babies?Apples, Oranges, and the Global Covid-19 Fiscal ResponseThe Basics of the Pandemic RecessionWhich Firm Was the First Robinhood? Ann Mills Share This Previous Articlereal wage Next Articletime accounts December 17, 2020