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Recession vs Depression: Differences between the two terms explained

A recession and depression are downturns in the economy with different meanings. 

A recession is a significant decline in economic activity lasting more than a few months. 

During a recession, unemployment rates rise, consumer spending declines, and business profits decrease. 

A depression is a more severe and prolonged version of a recession. 

The primary difference between a recession and a depression is the depth and duration of the economic decline. 

A depression is marked by a significant decline in economic activity lasting for years. 

GDP falls by a significant amount, unemployment rates reach very high levels, and many businesses fail during a depression.

The primary difference between a recession and a depression is the severity and duration of the economic decline. 

A depression can lead to long-term unemployment, financial ruin, and a decline in overall quality of life.

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A recession is a temporary decline in economic activity, marked by a decrease in GDP and an increase in unemployment rates whereas a depression is a more severe and prolonged version of a recession.

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Recession vs Depression: Differences between the two terms explained

A recession is a temporary decline in economic activity, marked by a decrease in GDP and an increase in unemployment rates whereas a depression is a more severe and prolonged version of a recession.

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