slump
Word family
Synonym discussion
Sense: noun/2
All four words describe periods when an economy is performing badly, but they differ in severity, duration, and technical precision. 'Slump' is the most general and least technical term — it can describe a short or long period of poor economic performance without a precise definition, and it is used in both formal and informal contexts. 'Recession' is a formal economic term defined as two consecutive quarters of negative GDP growth; it is more technical and specific than 'slump'. 'Depression' is a much more severe and prolonged economic crisis, with extremely high unemployment and a deep fall in production — the Great Depression of the 1930s is the classic example. 'Downturn' is the mildest and most neutral of the four; it describes any movement from growth toward decline, without suggesting how long or how serious the period will be. In news reporting, 'economic slump' and 'recession' are often used interchangeably by non-specialists, but economists make clear distinctions. For example: 'The country entered a recession last quarter, but experts disagree on whether this is a short-term downturn or the beginning of a prolonged slump.'
Common collocations
Etymology
The word 'slump' first appeared in English in the 1600s, probably created to imitate the sound or feeling of something heavy sinking into mud or soft ground. The earliest meaning was 'to fall or sink into a muddy or wet place.' By the 1700s, it was being used for any heavy, uncontrolled downward movement of a person's body. The financial and economic meanings — a sudden fall in prices or a period of poor business — developed in the late 1800s, as stock markets and industrial economies became a major part of everyday life. The use of 'slump' for a sports performance downturn came in the early 1900s. The dessert sense is an American regional term from the 1800s, possibly named from the way the dough 'slumps' or sinks into the hot fruit.