Recession and Expansions - Depression

5 important questions on Recession and Expansions - Depression

What is the duration of a depression?

It often lasts for several years, beyond 2-5 quarters.

How severe is the decline in GDP and jobs during a depression?

There is a severe decline in GDP and jobs during this period.

What was the historical unemployment rate during a depression?

Historically, unemployment rates exceed 20% in a depression.
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How does economic activity change during a depression?

There is a massive drop in output, trade, and demand.

What is the recovery like after a depression?

Recovery is very slow following a depression's conclusion.

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