The yourDictionary Web site defines an economic depression as a prolonged period of recession, or a significant and prolonged downturn in the economy. Characteristics of an economic depression include declining business activities, falling prices, rising unemployment, increasing inventories, public fear and panic.
Economists differ in their opinion of what exactly constitutes recession and depression. Many define recession as two or more quarters of reduced Gross Domestic Product (GDP). GDP measures national income and output for a country’s economy. Per capita GDP is often used to measure the standard of living, with the thought being that as GDP rises, so too does each citizen’s standard of living. Hence, measuring GDP provides clues as to the overall health of the economy and a glimpse into the health of an individual’s wallet.
When the economy moves into a recession, the country’s economy enters a period of negative growth. Real income declines, unemployment rises, and industrial production wavers. If a recession continues for a long time, the economy moves into an economic depression.
Hyperinflation is inflation that is very high or “out of control”, a condition in which prices increase rapidly as a currency loses its value.
John Williams of ShadowStats in this interview is predicting both will occur. I’m afraid he may be right.
When have both ever happened concurrently in the past?
You do realize that during hyperinflation, people pretty much have to spend all of their money as soon as they get it before it becomes worthless? It's difficult to have a depression in that environment.