A severe, extended period of decline in business activity.

商业活动严重减少并且长时间没有好转。

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VW also suffered a dramatic decline in business in the fourth quarter, although VW managed to remain profitable.

大众去年四季度的业绩也出现严重滑坡，不过还能勉强维持盈利。

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For example, offshore financial centers that are unable to match blanket guarantees might see a decline in business.

例如，不能提供统保的海外金融中心有可能会出现业务下降。

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What gagged the stock market yesterday was an ISM survey showing a steep decline in business services.

FORBES: Low Chance of Recession--Still

"The steps taken by the president should at least arrest the decline in business confidence, " says political scientist Alex Magno.

CNN: Act II for Estrada

The slow recovery of business starts from the recession could be exacerbated by the long-run decline in business formation I mentioned earlier.

WSJ: Do Small Businesses Deserve Their Reputation as Job Creators?