world recession; global recession
Refers to a widespread economic downturn affecting many countries simultaneously.
Exports dropped sharply due to the global recession.
Experts predict that the world recession will worsen next year.
General term for recession or economic slump, not necessarily global.
Refers specifically to the Great Depression or a severe global economic crisis, stronger than 世界不況.
Compound of 世界 (world) and 不況 (recession, economic slump).