The correct answer is 2 and 3 only. Key Points An economic meltdown is an extraordinary event that is not necessarily a part of the standard economic cycle. It is a breakdown of a national, regional, or territorial economy that typically follows a time of crisis. It can occur due to financial deregulation, like the 2008 great recession, or an unexpected crisis, like the Covid-19 pandemic. Hence pair 1 is correct. Important Points Recession refers to two quarters of continued negative growth rate of GDP which leads to slide in the GDP. This was witnessed in the fallout of the Covid economic crisis where India marked a technical Recession.Hence statement 2 is incorrect. It refers to a significant decline in general economic activity in a designated region. The slow down is a situation in which GDP growth slows but does not decline. Hence statement 3 is incorrect also. A cyclical slowdown is a period of weak economic growth that occurs at regular intervals. A structural slowdown is a more deep-rooted phenomenon signifying weak economic growth for over a long time. It occurs due to a shift driven by disruptive technologies, changing demographics, and/or change in consumer behavior.