![Economic Depression: Definition, Causes and Signs Economic Depression](https://i0.wp.com/depressionals.com/wp-content/uploads/2021/12/economic-depression.webp?resize=600%2C400&ssl=1)
Economic Depression: Definition, Causes and Signs
What is an economic depression? Economic depression occurs when a country’s Gross Domestic Product (GDP) rate plunges due to periods of negative economic activity. An economic depression lasts for many years, with significant declines in the GDP. There was a 10-year period of unemployment and wage declines of 42% during the Great Depression in the US….