Is recession the same thing as depression?

No, recession and depression are not the same thing. A recession is a period of economic decline that lasts for at least two quarters, or six months. A depression is a more severe and prolonged economic downturn that lasts for at least one year.

Recessions are typically characterized by a decline in output, employment, and investment. Depressions, on the other hand, are typically characterized by a sharp decline in output, employment, and investment, as well as a collapse in the financial system.

Recessions are a normal part of the business cycle, and they typically last for a few months. Depressions, on the other hand, are rare and they can last for several years.

The Great Recession, which began in December 2007 and lasted until June 2009, was the most severe economic downturn in the United States since the Great Depression. The Great Depression, which lasted from 1929 to 1939, was the longest and most severe economic downturn in the history of the United States.