A country's economy has been booming. Many new companies have started up, and most people have found good jobs. Banks have been eager to offer loans to people and businesses that want them. However, some large companies have recently announced plans to scale back on planned projects and lay off some workers. Economists project that the economy will begin to decline in the very near future. Which phase of the business cycle best describes the country in this scenario?

A. Expansion
B. Peak
C. Contraction
D. Trough​