--- title: Recession vs. Depression – What’s the Difference? description: Learn the distinctions between economic recessions and depressions and how to prepare your business for the impending 2030s Great Depression. image: https://blog.itreconomics.com/hubfs/Blog%20Feat%20Img-Jan-06-2026-07-54-06-6359-PM.png --- 2030s Depression # Recession vs. Depression – What’s the Difference? Learn the distinctions between economic recessions and depressions and how to prepare your business for the impending 2030s Great Depression. [ ITR Economics ](https://blog.itreconomics.com/blog/author/itr-economics) Nov 8, 2022 --- It would be wonderful if we could always experience economic growth, but not all good things can last forever. We have experienced plenty of economic highs in modern US history, but also lows, like the 1930s Great Depression and, more recently, the 2008 Great Recession. Both of those caused economic turmoil, but let’s look at recession vs. depression – what’s the difference? ## What is an Economic Recession? An economic recession is a period of temporary economic decline, generally defined by a fall in GDP in two consecutive quarters. During a [**recession**](https://www.itreconomics.com/recessions), trade and industrial activity slows down. This can be extremely tough on companies, especially when the economic downturn catches business leaders off guard and unprepared. ## What is an Economic Depression? An economic depression is essentially more severe than an average recession, with a steeper decline in GDP. While recessions can last longer than a year, a depression can go on for several years. During an economic depression, there is a much sharper decline in growth, industrial production, construction, trade, and so much more. In such times, many people will also face unemployment. The prospect of a depression causes many to worry, but with proper planning, there is a lot you can do to help prepare [**yourself**](https://blog.itreconomics.com/blog/how-can-i-best-prepare-for-2030s-great-depression) or [**your business**](https://blog.itreconomics.com/blog/how-can-i-prepare-business-for-2030s-great-depression) for such an event, like the upcoming [**2030s Great Depression**](https://blog.itreconomics.com/blog/top-5-causes-2030s-great-depression). Both a recession and a depression can have a sizable negative impact on your business, so it is best to have plans in place to help your company withstand such economic occurrences. By consulting our economic forecasts and implementing our Management Objectives™, you can start effectively planning for the future. You will know exactly what could impact your business or your industry. [![  How can you and your business prepare for the coming depression of the 2030s?   The road to the 2030s depression will be consequential in and of itself, with many opportunities and changes presenting themselves. Business leaders need to be planning now for those changes.   Check out our resources to stay ahead of the curve.  ](https://no-cache.hubspot.com/cta/default/4424930/interactive-185712847705.png) ](https://blog.itreconomics.com/hs/cta/wi/redirect?encryptedPayload=AVxigLLkPKUJcTZ%2FdXEWyCroiQBUT1oIwNbzCtf2tyTd1Wwc3HAGEj7e0QwHFLbIvtZZXLvnbGqw333ysVDy0WgWXt6e0udb0mA60IeT3xK4myfAY0S91RvDB41cWmsZ3fg%2BNdUh2Yhx6ePXW2BOE8E%2BBGZJz6nii0m1P33CPcZBp2E%2B5TC7Htms0lhKFGUPs3L2He0R9Q%3D%3D&webInteractiveContentId=185712847705&portalId=4424930) [2030s Depression](https://blog.itreconomics.com/blog/tag/2030s-depression) ## Similar posts 2030s Depression ### [How Can I Best Prepare for the 2030s Great Depression?](https://blog.itreconomics.com/blog/how-can-i-best-prepare-for-2030s-great-depression) The prospect of a second Great Depression may seem scary, but there are many things you can do now to best prepare for the 2030s Great Depression. ITR Economics Oct 7, 2022 2030s Depression ### [Top 5 Causes of the 2030s Great Depression](https://blog.itreconomics.com/blog/top-5-causes-2030s-great-depression) The second Great Depression is coming in the next decade, but what led us to this point? Here are the top 5 causes of the 2030s Great Depression. ITR Economics May 20, 2022 2030s Depression ### [When Will the 2030s Great Depression End?](https://blog.itreconomics.com/blog/when-will-the-2030s-great-depression-end) An economic depression will arrive at the turn of the decade, but when will the 2030s Great Depression end? Learn about the timeline from ITR... ITR Economics Aug 21, 2023 ### Free Economic Updates from ITR Economics Hear the latest economic news from our experts, stay in the know with our frequent blogs, and get a first look at ITR Economics’ latest promotions – all free with our economic updates! Join our email list today to receive these insights. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "ITR Economics", "url" : "https://blog.itreconomics.com/blog/author/itr-economics" }, "dateModified" : "2026-01-06T19:55:48.540Z", "datePublished" : "2022-11-08T15:31:38.000Z", "headline" : "Recession vs. Depression – What’s the Difference?", "image" : [ "https://blog.itreconomics.com/hubfs/Blog%20Feat%20Img-Jan-06-2026-07-54-06-6359-PM.png" ], "mainEntityOfPage" : { "@id" : "https://blog.itreconomics.com/blog/recession-vs-depression-whats-the-difference", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.itreconomics.com/hubfs/ITR%20Logo%20-%20Light%20Backgrounds-1.png" }, "name" : "ITR Economics" } } ```