Great Depression

The Great Crisis was a catastrophic global economic depression that began in the United States and lasted mostly throughout the 1930s, with the worst effects felt around the globe. The Great Depression began in 1929 and lasted until the late 1930s in different parts of the globe. In the United States, it began in 1929 and lasted until the late 1930s. The Great Downturn of the twentieth century was the longest, deepest, and most widespread depression in recorded history. In the United States, the Great Depression is often cited as an illustration of how rapidly the global economy may deteriorate.

With the stock market collapse on October 29, 1929, the United States entered the Great Depression, which began after a precipitous decline in stock values that began around September 4, 1929 and became well recognised across the globe (known as Black Tuesday). Between 1929 and 1932, the world's gross domestic product (GDP) decreased by an estimated 15 percent, according to various estimates. In contrast, during the Great Recession, the world's gross domestic product (GDP) decreased by less than 1% from 2008 to 2009. By the mid-1930s, certain economies had begun to show signs of recovery. However, in many nations, the negative consequences of the Great Depression persisted until the outbreak of World War II in September 1939.

As a result of the Great Depression, both wealthy and impoverished nations suffered greatly. Income, tax revenue, profits, and prices all declined, while foreign commerce dropped by more than half. Unemployment in the United States has risen to 23 percent, while in certain nations it has reached as high as 33%. Cities all across the globe, particularly those reliant on heavy industry, have been severely impacted. Construction has been essentially suspended in a number of different nations. Crop prices plunged by almost 60%, wreaking havoc on farming communities and rural towns. Areas depending on primary sector businesses such as mining and logging suffered the most as a result of falling demand and a scarcity of other sources of employment.