An economic recession or depression is a period of economic decline, typically characterized by a decline in the gross domestic product (GDP), high unemployment, a decline in manufacturing and industrial production, a stock market crash, and a decrease in consumer spending.
The Great Depression
The Great Depression was a severe economic downturn that lasted from 1929 to 1939. It was the longest and most severe depression of the 20th century. The Great Depression began in the United States and quickly spread to countries around the world. Many factors contributed to the Great Depression, including economic policies and structural weaknesses in the global economy. During the Great Depression, unemployment rates reached as high as 25% and GDP fell by as much as 30%. Many businesses and banks failed, and people lost their savings and homes. The depression had a profound effect on society, leading to widespread…
