(A.D. 1929) The Great Depression begins. It was a worldwide economic depression which lasted anywhere between 5 to 10 years in differing parts of the world. Worldwide GDP fell by about 15%, compared to the less than 1% contraction experienced in the Great Recession(A.D. 2007) The Great Recession begins, a two year long economic contraction with the greatest economic impact on the world since the Great Depression... more of 2008.
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