an act or instance of turning down or the state of being turned down: the downturn of a lower lip in a permanent pout.
a turn or trend downward; decrease or decline: The new year brought a downturn in the cost of living.

1925–30; noun use of verb phrase turn down Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
downturn (ˈdaʊnˌtɜːn)
a drop or reduction in the success of a business or economy

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1926 in the economic sense, from down (adv.) + turn (n.).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
So an economic downturn is no friend of the environment.
In spite of the economic downturn there is development in town.
Responsible for its downturn: conversion of sagebrush habitat to agriculture.
US fatalities down, possibly due to economic downturn.
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