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It's Recession not Depression

Job axing, salary cuts, no FBTs and drastically diminished rates of shares. Is it the next 'Depression', brought to us by global financial slowdown?

Wait! There is a major difference between Slowdown, Recession and Depression.

In accordance with economists, when an economical institution faces two consecutive quarters of negative growth rate, it comes under the definition of ‘recession’. Germany, USA and England are some of the developed nations, who have plunged into the status of economic recession.

While, Slowdown does not deal with the crisis of negative growth, in an economical slowdown, countries have to face a lower rate of growth.

In the present scenario, Gulf Countries, Asian economic giants and few European Countries are facing slowdown. Nevertheless, slowdown has nothing to do with negative growth of GDP but it is considered critical for financial system of a developing economy such as India.

Depression is a continual sustention of recession; last time, it was the period of 1929 to 1940’s when world economy was deprived for a long time.

However, the economical situation has not touched the limit of depression yet but lack of proper measures can lead it to the situation similar to the fourth decade of twentieth century.

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