Definition of Economic depression:
Economic situation as a result of long-term negative economic activity measured by GDP. It is often described as a severe form of recession that results in permanent unemployment, a rise in bad reputation, a sharp decline in income and productivity, a devaluation of the currency, and a deviant economy.
Depression eroded consumer confidence and investment, shutting down the economy. Economic factors that highlight depression include:
Depression is a severe and persistent slowdown in economic activity. In economies, depression is generally defined as an extreme recession that lasts for three or more years, or at least 10% of real gross domestic product (GDP). Decreases occur. Depression in a given year is more unusual than a mild recession and is associated with higher unemployment and lower inflation.
How to use Economic depression in a sentence?
- Depression is often referred to as a recession that lasts for more than three years or causes a reduction of at least 10% in annual GDP.
- The US economy has gone through many recessions, but only a handful of major economic crises
- The depression led to a dramatic slowdown in economic activity, as well as a sharp decline in growth, employment and productivity.
Meaning of Economic depression & Economic depression Definition