In general terms (as a rule of thumb):
A recession is a decline in GDP for two or more quarters consecutively.
A depression is a decrease in GDP of 10% or more in any given year.
Therefore, a...
A recession is a period of decline in economic activity (sometimes two quarters of down GDP) A depression is a recession lasting a long time/many periods of recessions
A recession is a low point in the economy.A depression is an extreme low point in the economy that lasts a long period of time.We are at a recession, in the 1930's their was a depression in the US.