Are we heading into another Depression?
An economic depression is an occurrence wherein an economy is in a state of financial turmoil, often the result of a period of negative activity based on the country’s Gross Domestic Product (GDP) rate. It is a lot worse than a recession, with GDP falling significantly, and usually lasts for many years. In the US, the Great Depression lasted for a decade, with the unemployment rate reaching 25% and wages falling by 42%.
From the Financial Times website
The COVID-19 lockdowns have led to the largest rises in unemployment since the 1930s. The Financial Times asked leading economists and market analysts what to expect and what might be done to avert turmoil
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