1. The act of ceding back; SYN. ceding back.
2. The state of the economy declines; a widespread decline in the gdp and employment and trade lasting from six months to a year.
In economics, a fall in business activity lasting more than a few months, causing stagnation in a country's output.
The average decline has been about 10% although some recessions, such as 1981–82, can be longer and more severe.