stock market prices, starting on October 24, 1929. Įconomic historians usually consider the catalyst of the Great Depression to be the sudden devastating collapse of U.S. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered the most.
Farming communities and rural areas suffered as crop prices fell by about 60%. Construction was virtually halted in many countries. Ĭities around the world were hit hard, especially those dependent on heavy industry. rose to 23% and in some countries rose as high as 33%. International trade fell by more than 50%, unemployment in the U.S. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II.
Some economies started to recover by the mid-1930s. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. īetween 19, worldwide gross domestic product (GDP) fell by an estimated 15%. It was the longest, deepest, and most widespread depression of the 20th century. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was a period of economic depression that became evident after a major fall in stock prices in the United States. The Great Depression (1929–1939) was an economic shock that impacted most countries across the world. The Dow Jones Industrial Average, 1928–1930
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