system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What's the difference between a recession and a depression?
gpt
Length and intensity. The generally-agreed-upon definition for a recession (the one that is used by the National Bureau of Economic Research) is two consecutive quarters of decline in real GDP. There isn't really an agreed-upon definition for depressions, but if the recession lasts a long time (more than two years or so) or is particularly deep (real GDP declines by more than 10 percent or so), people will call it a depression.