- So what’s the difference?
- Recession
- Is an economic downturn that usually lasts for six to eight months. i.e. Great Recession 2008-2013
- Depression
- The economy goes through somewhat predictable business cycles of expansion (when GDP increases), peak (the highest level of GDP), contraction (declining real GDP and employment), and trough (the lowest level of GDP and employment). Then the cycle begins again.
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