What’s the difference between a Recession and a Depression? I’m going to explain what the difference is between a Recession and a Depression and you’ll find out why I’m talking about this, very soon.
The last time we saw a recession was in 2008, but the last time we saw a depression was in 1929, 80 years earlier, this was known as the Great Depression.
A recession is where the GDP of a Country contracts for at least 2 quarters, which In layman's terms means six months.A depression is a much more severe recession that lasts for at least 2 years. So less than 2 years and its probably not a depression.