A recession is defined by two consecutive quarters of negative growth, and we're in one of those. That much is clear. But is this depression? Will it be?The economics blog Calculated Risk explains:"Although there is no formal definition, most economists agree [a depression] is a prolonged slump with a 10% or more decline in real GDP...Even though the current recession is already one of the worst since 1947, it is only about 1/3 of the way to a depression (assuming a terrible Q1)... I still think a depression is very unlikely. More likely the economy will bottom later this year or at least the rate of economic decline will slow sharply. I also still believe that the eventual recovery will be very sluggish, and it will take some time to return to normal growth."What do you think? How long are we in this for and what will lead us out?
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