depressionde·pres·sion /dɪˈpreʃən/ noun [countableC, uncountableU]1ECONOMICSa long period of time during which there is very little business activity and a lot of people do not have jobsThe current economic depression can be turned around if companies can be persuaded to invest in the industry.
The nation as a whole was suffering from a period of deep depression following a boom which had peaked six or seven years before.
→ compare recession 2the (Great) Depression the period from 1929 to 1934 during which economic activity was very low and unemployment reached very high levels in the US and EuropeThe American silk market collapsed in 1929/30 following the onset of the Great Depression.
Commodity prices were at their lowest since the Great Depression.