Business » Enterprise & Development 1. The organization or ordered state of a community or nation as regards its (esp. material) resources and concerns; the economic condition of a State. 2. A country defined in terms of the total composition of its economic activities and the ultimate location of economic decision making.

A slowdown or fall in the rate of growth of gross national product. Recession is associated with falling levels of investment, rising unemployment, and sometimes falling prices.

An economy that has successfully made the transition from a closed market economy to an open market economy, has undergone some degree of reform and has expanded.