Difference between economic recession and economic depression
An economic recession is a period of economic decline characterized by a decrease in GDP, higher unemployment rates, and a decline in consumer spending. It is typically considered less severe than an economic depression and may last for a few months to a few years.
On the other hand, an economic depression is a prolonged and severe downturn in the economy characterized by a significant decline in GDP, widespread unemployment, and a prolonged period of economic contraction. Depressions are more severe than recessions and can last for several years or even decades.
In summary, the main differences between economic recession and economic depression are the severity and duration of the economic downturn. A recession is shorter and less severe, while a depression is longer and more severe.