Recession:
Definition: A recession is a period of economic downturn, characterized by a decline in economic activity, such as reduced business activity, lower consumer spending, and rising unemployment.
Duration: Recessions typically last a few months to a couple of years
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Depression:
Definition: A depression is a severe and prolonged recession, characterized by a significant decline in economic activity, high unemployment, and a prolonged period of economic hardship.
Duration: Depressions typically last longer than recessions, often several years.