Grand Rapids Business Daily

When does an economic recession become an economic depression?

An economic recession is defined as two consecutive quarters of no growth in the GDP, or negative growth in the GDP. What is the definition of "Depression"?

Public Comments

1. I personally think its pretty easy All you need to do i change some letters and WHA-LA
2. When inflation occurs to a certain degree.
3. A depression is when the economy puts on black eyeliner, listens to My Chemical Romance, and cries and cuts itself.
4. i believe when it stars coming out of recession
5. No recovery whatsoever. No money No spending No jobs No food
6. that's EASY, when nuclear war starts
7. Often, in Canada and the United States, the word "depression" is used interchangeably with "recession", often to simply indicate a deeper or more serious recession. Some economists require a drop in GDP of 10 percent or more before a recession would be referred to as a depression.
8. That's interesting I want to see. My only guess is when it lasts longer than it's supposed to. I know the normal boom/bust cycle has a recession part, and the whole cycle should theoretically take 20 years for a full cycle. Maybe it's when the recession part lasts longer than it should. That's my guess, but don't get mad if I'm wrong, that's just my guessing, I really don't know.
9. When majority of the higher income people lose money. Usually when 80% of the higher income are all losing money at the same time, that's when the country is in economic depression because you know the lower income are already losing money because they're the first one's to feel the depression. It spirals upward! It's like the movie the Titanic, the people at the very top of the boat live the longest, they are up on that pole of the boat about to die to the very last moment. LOL It's the same with the depression.
10. My boss/owner of the company I work for put it to me like this . He said and I quote " in a recession you lose your job , in a depression I lose mine. God help us.
11. I feel the depression now....
12. u r asking about "Great Depression" it means depression nation wide. they way how u say it in this Q makes u sounds like ur talking about emotional depression