Usually means: Severe global economic downturn 2007-2009.
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We found 6 dictionaries that define the word Great Recession:

General (4 matching dictionaries)
  1. great-recession: Wordnik
  2. Great Recession: Wiktionary
  3. Great Recession, Great recession, The Great Recession, The great recession: Wikipedia, the Free Encyclopedia
  4. Great Recession: World Wide Words

Business (1 matching dictionary)
  1. The Great Recession: Investopedia

Slang (1 matching dictionary)
  1. The Great Recession: Urban Dictionary

Definitions from Wiktionary (Great Recession)

noun:  The worldwide general economic decline towards the end of the first decade of the 21st century.

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