Depression

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An economic depression is often defined as a more severe version of a recession that is characterized by significant decline in gross domestic product (GDP).[1]

There is no precise dividing line recognized by economists to distinguish a recession from a depression, and policy makers since World War II have almost resisted describing their economic situation as a depression, preferring the softer sounding term "recession."[2]

Also See[edit]

References[edit]

  1. Dr. Econ: What Is The Difference Between A Recession And A Depression?. Federal Reserve Bank of San Francisco.
  2. Depression. Auburn University.