<human>:  What is the difference between a recession and a depression?
<bot>: The main difference between a recession and a depression is the severity and duration of the economic downturn. A recession is typically defined as two consecutive quarters of negative gross domestic product (GDP), while a depression is a much more severe and lasting downturn in economic activity. Generally speaking, a recession is a moderate decline in economic activity, while a depression is a deep and prolonged economic contraction.