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When did the US face an economic downturn roughly the same magnitude as the Great Depression...

When did the US face an economic downturn roughly the same magnitude as the Great Depression AND what are TWO explanations for the severity of the depression?

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Answer #1

THE US ECONOMY IS NOW(2020) FACING AN ECONOMIC DOWNTURN ROUGHLY THE SAME MAGNITUDE AS THE GREAT DEPRESSION OF 1930'S.

            HERE ARE THE TWO EXPLANATIONS FOR THE SEVERITY OF THE DEPRESSION.

1) DURING THE GREAT DEPRESSION OF 1930'S UNEMPLOYMENT ROSE ABOVE 20% IN USA. THE BEREAU OF LABOUR STATISTICS PREDICTED REAL UNEMPLOYMENT WILL BE AROUND 20% IN 2020 (19.7% NOW) . THESE TWO FIGURES ARE ALMOST MACHING NOW.

2) DURING THE GREAT DEPRESSION, THE US GROWTH RATE FALL TO -9%. THE WORLD BANK PREDICTED GROWTH RATE FOR THE DEVELOPED WORLD INCLUDING THE US FOR THE YEAR 2020 WILL BE AROUND -8%. THESE TWO FIGURES ARE ALMOST MATCHING NOW.

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