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Coronavirus economy: Recession or depression?

Many economists have come around to the view that coronavirus disruptions will trigger a global recession.

More economists are warning of a recession in the United States, Europe and globally as coronavirus containment measures bring entire sectors of the world’s economy to a halt. Many have also compared the swiftness and severity of the coronavirus slowdown with the Great Depression that began in 1929.

Are we looking at a recession? Or a depression? And what exactly is the difference? 

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