Answer:
an economic recession
Explanation:
An economic recession is described as a recession in which a decline in the various economic activities, significantly, decline in the specific "gross domestic product" or GDP related to two or more than two "consecutive quarters". However, GDP is described as the "market value" of various services and goods that are being produced within a particular country in a particular period in time.
In the question above, the given statement signifies an economic recession.