What is the common term for a period of quick economic decline?

The term "bust" refers to a rapid decline in economic activity, particularly following a period of growth or boom. It signifies a downturn in the business cycle where economic indicators such as production, employment, and profits decline sharply. This term conveys a sense of a sudden and often severe reduction in economic vitality, contrasting with a "boom" when the economy is flourishing.

In economic discussions, a bust often leads to recession or depression, characterized by major contractions in economic output. While other terms like "slump" also describe periods of economic decline, "bust" specifically highlights the abruptness of such a downturn, making it the most appropriate choice for describing quick economic decline.

The other terms do have their own economic contexts but do not specifically capture the concept of a sudden decline as effectively as "bust." A "squeeze" typically refers to pressure in financial terms, such as liquidity or profit margins, while "deflation" pertains to a decrease in the general price level of goods and services, and "slump" is often more gradual rather than abrupt.