In real estate, a depression signifies a severe decline in business activity characterized by high unemployment, excess supply, and public fear, which typically results in reduced real estate construction and high vacancy rates.
A recession is characterized by a significant decline in economic activity across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Stagflation is an economic condition characterized by a combination of stagnant economic growth, high unemployment, and persistent inflation. This rare phenomenon presents significant challenges for policymakers and investors, as traditional remedies for inflation or stagnation can worsen the other condition.
