Depression

Depression
The general definition of Depression is a large recession that lasts for a long time period. Some explain it as ascene where the actual GDP falls by more than ten percent. Another method to distinguish it from the recession is a time period. Recessions are regarded to last till one year whereas the economic depression lasts for many years. The expression “depression” is derived from Great Depression in 1930. Before this event, a decline in an economic activity was regarded as a depression.