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