Whether the Current/recent Economic Downturn Would Better Be Classified as a “recession” or “depression.”?

Question by TruEastSydeBoi: Whether the current/recent economic downturn would better be classified as a “recession” or “depression.”?
Economists are debating the question of whether the current/recent economic downturn would better be classified as a “recession” or “depression.” Which term is more appropriate – and why

Could anyone answer and explain this for me in a short simple paragraph?

Best answer:

Answer by Culture Warrior
“A recession is when your neighbor loses his job. A depression is when you lose yours.”

Answer by Greg
Depression narrowly averted. What we have here is a recession like we haven’t seen well… a very, very long time. No V-shaped recovery this time.

What do you think? Answer below!

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