What's the difference between a recession and a depression? And which one are we currently in?

Question

What's the difference between a recession and a depression? And which one are we currently in?

Answer 1

There is no official definition of a depression. It's simply a very long period of GDP decline. A recession is officially two consecutive quarters of GDP decline. We are not in a recession now.  If Q2 and Q3 turn out to be declines, then we would be. But you won't know that for many months.

Answer 2

Recession - period in which gdp is negative for 2 quarters or more in a row.

A depression is any economic downturn where real GDP declines by more than 10 percent.

We (the US) are not in either.

j

Answer 3

Recession = A decline in Gross National Product for a period of at least 2 consecutive quarters (ie. 6 months)

Depression = A series of at least 3 Recessions in succession (ie. 18 months or 1.5 years)

Answer 4

stick around and you shall soon see it and live it for yourself, and it aint gonna be fun, so tighten your belt and make sure your tee-pee is paid for.