Define economic depression define economic recession

Economic Recession & Economic Depression:

Economic Recession:

Economic Recession is the phase in the business cycle which leads to growth in the negative Gross Domestic Product which lasts for few months. This happens when there is a drop in the economic activity.  During recession there will be financial crisis, there will be unemployment, and government borrowing will increase.

Economic Depression:

Economic depression is the downturn or serious drop in economic activity which lasts for many years.  The major reason for economic depression can be the decreasing consumer confidence which results in the downfall of demand. Some of the resultants are

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