What is the difference between recession and depression?

As we posted on recession previously, a recession is generally described as a significant decline (Negative growth rate) in country’s GDP (Gross domestic product) for at least two quarters or longer. Generally a recession is preceded by several quarters of slowing down in economic activity.
So what is depression? Depression is nothing but a recession, which lasts longer and its impact is deeper. If any downturn in the economy or GDP can be called as recession then more than 10 percent decline in GDP is called depression. If you look at the last century, we could observe many recessions but depressions are few. United States 1929 great depression was the largest and most important economic depression in modern history and is used in the 21st century as an example of how far the world’s economy can fall. The great depression which started on 29th October 1929 lasted till around 1939.