Hard Landing

A hard landing refers to a marked economic slowdown or downturn following a period of rapid growth. The term hard landing comes from aviation, where it refers to the kind of high-speed landing that – while not an actual crash – is a source of stress as well as potential damage and injury. The metaphor is used for high-flying economies that run into a sudden, sharp check on their growth, such as a monetary policy intervention meant to curb inflation. Economies that experience a hard landing often slip into a stagnant period or even recession.