Meaning of the word "Economic downturn" in English

What does "Economic downturn" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

Economic downturn

US /ɪkəˈnɑmɪk ˈdaʊntɜrn/
UK /iːkəˈnɒmɪk ˈdaʊntɜːn/

Noun

a decline in economic activity, characterized by reduced production, employment, and trade

Example:
The country is currently experiencing an economic downturn.
Many businesses struggle during an economic downturn.