Defining the 'Big D'

Kill the fatted calf: it seems we do now have a definition of the word ‘Depression’. (See ‘What’s in a word?’, below.)

According to the Economist, it’s:

… a slide in peak-to-trough of real GDP of 10% or a decline lasting more than three years.

I’m glad we sorted that out.

So we’re not in one yet, even if the latest estimate is for 4 per cent ‘negative growth’ in GDP.

Now, if we could just start talking ourselves out of whatever it is we are in …