Interesting article i found on the net:
There is an old joke among many economists. It says: "A
recession is when your neighbour loses his job. A depression is
when you lose your job.
Currently, dark, clouds are hovering over the world economy which
is sliding towards recession. Share markets in Asia, Europe and
America have plunged over the past two months, precipitated by
dismal corporate earnings and worsening fears of a downturn in
global economic activity.
In Asia, the economies of Singapore and Japan and have already
slipped into recession. The European Commission has announced that
the 15 countries using the euro have slumped into recession The US,
Australia as well as Britain, which is not part of the euro-zone,
are also in recession.
Read more at the following:
http://www.stratagemconsultants.com/index.php/en/mr-soh-tiang-keng/23-mr-soh-tiang-keng/51-will-depression-rear-its-ugly-head