Depression
Definition
A severe, prolonged downturn — much deeper than a recession. No precise threshold, but typically a fall in real GDP of 10%+ and lasting years.
Example
The Great Depression (1929–39) is the canonical example in the US economy.
A severe, prolonged downturn — much deeper than a recession. No precise threshold, but typically a fall in real GDP of 10%+ and lasting years.
The Great Depression (1929–39) is the canonical example in the US economy.