noun
a statement that represents something as smaller or less intense, or less important than it really is
adjective
relating to or being an understatement
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To say that his performance was impressive would be an understatement.
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Calling her a good singer is an understatement.
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She's not just smart, she's a genius - and that's an understatement.
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The impact of the pandemic on the economy is nothing short of an understatement.