(the) R-word

(the) R-word
   recession
   Not to be said in financial circles:
    After a record nine-and-a-half years of consecutive growth, the nation's 'Goldilocks economy' — not too hot, not too cold but just right — is flagging and all the talk is of the dreaded R-word, recession. (Daily Telegraph, 3 February 2001)

How not to say what you mean: A dictionary of euphemisms. . 2014.

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