a recession is 2 quarters of negative growth
a depression is 3 quarters of negative growth
what we are a seeing globally is coming into a depression because unofficially the world is currently in the 3rd quater of negative growth
australia on the other hand is in the first quarter of negative growth next quarter will also be negaitve but most agree we will be recovering somewhat and unlikely to see a third quarter of negative growth hence have a mild recession and avoid a depression.
what really is a depression or a recession, page-5
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