turndown
noun [ C ]
uk/ˈtɜːndaʊn/ us ECONOMICS
a reduction in business activity in a particular area or in the economy in general:
A wave of telecoms mergers and acquisitions was triggered across Europe after the dotcom turndown.
HR, BANKING
a situation in which you are refused something that you apply for, such as a job or bank loan
See also
turn sb/sth down