The country was in the grip of (an) economic depression.

当时国家处于经济萧条期。

《牛津词典》

Foreign currency depreciation is a result of economic depression in the country concerned.

外汇贬值是有关国家经济不景气的结果。

《新英汉大辞典》

Most of employers are planning to cut down on wages instead of laying off employees in response to the economic depression.

为了应对经济萧条，大多数雇主正计划降低工资，而不是裁员。

youdao

The depression ended. The economic depression of the eighteen nineties forced Americans to worry first about developments at home.

VOA: special.2010.07.01

The debate over gold and silver was especially important because of an economic depression that began in the United States in eighteen ninety-three.

VOA: special.2010.07.01

When the economic depression began in eighteen ninety-three, George Pullman cut the size of his work force.

VOA: special.2010.06.24

Once, his political minders ripped Fred for worrying aloud about the potential for an economic depression.

FORBES: If It Would Make The GOP Happy, Let's Call Tax Hikes 'Kumquats'

Above all, they found, the risk was greatest where the economic depression lasted the longest.

WSJ: Brussels Beat: Parallels With 1920s Raise Worries Over Extremism

Unpopular Cures for Unemployment and Economic Depression by Bill Bonneroriginally appeared in the Daily Reckoning.

FORBES: Only Cure For Economic Depression Is Depression