what is a economic depression
Answers
Answer:
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Explanation:
a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle.
Answer:
An economic depression is a severe downturn that lasts several years. Fortunately, the world has only experienced one economic depression. That was the Great Depression which lasted for 10 years. The decline in the gross domestic product growth rate was bigger than anything experienced since then.
The Great Depression suffered five years when the economy contracted. Three of them contracted more than 5%.
During the 2008 recession, the economy contracted 0.1% in 2008. and 2.5% in 2009.1
The 2001 recession had some bad quarters but no years that were negative.
In the 1980s recession, 1980 was down 0.3% and 1982 was down 1.8%.
In the 1970s recession, the economy contracted 0.5% in 1974 and 0.2% in 1975.