When will an economy be called recession or depression?

In this pandemic situation, many powerful economies are going towards recession or depression so we really have to aware of all this thing

A country's economics cycle looks like this

What is Recession-
There is no fixed permanent definition for recession but there is a common rule of thumb for recession is two-quarters of negative GDP growth. there are 4 quarters in a year we count 3 months as a 1 quarter so if 2 quarters in negative growth we call it a recession

According to the NBER(National Bureau of Economic Research)- a recession is a period of decline in total output, income, employment and trade, usually lasting 6 months to a year.

What is Depression-
When the recession turns out to be more severe and continuous for the long term.
A common rule of thumb for depression is a negative GDP of 10%(-10%) of more, for more than 3 years we call it Depression. Last time we saw a Great Depression in the 1930s for 10-12 years, in here I am talking about US economy which also badly affect the many other countries economy many people gone to poverty they lost their jobs, inflation is in peak.

You should also know about Slowdown

What is Slowdown-
Slow down means that the pace of the GDP growth has decreased, the GDP growth is still positive but the rate of growth has decreased.

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