Tag: great depression
It was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s.
The Great Depression is commonly used as an example of how intensely the global economy can decline.
Regarding COVID-19, fears are growing that the downturn could be far more punishing and long lasting than initially feared; potentially enduring into next year, and even beyond, as governments intensify restrictions on business to halt the spread of the pandemic, and as fear of the virus reconfigures the very concept of public space, impeding consumer-led economic growth.
In the US, fears of having another great depression starts with a very high unemployment rate. Overall, the figure would be somewhere around 17 to 20 percent, and that might be a good estimate of where the job market is headed, according to experts. In some states, they find the unemployed share is far greater than that: 44.9 percent in Louisiana, 44.6 percent in New Hampshire, 34.6 percent in Pennsylvania.
The workforce partially dictates the pace of where the economy is headed. Thus, we need to keep an eye on this to make sure we do not have another repeat of the ghost from the 1930s.
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