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A number of countries in Latin America fell into depression in late 1928 and early 1929, slightly before the U. Japan also experienced a mild depression, which began relatively late and ended relatively early.
The severity of the Great Depression in the United States becomes especially clear when it is compared with America’s next worst recession, the Great Recession of 2007–09, during which the country’s real GDP declined just 4.3 percent and the unemployment rate peaked at less than 10 percent.
Great Britain struggled with low growth and recession during most of the second half of the 1920s.
(3) In the United States, greatly increased military spending in the years before the country’s entry into World War II helped to reduce unemployment to below its pre-Depression level by 1942, again increasing aggregate demand.
In most affected countries, the Great Depression was technically over by 1933, meaning that by then their economies had started to recover.
Germany’s economy slipped into a downturn early in 1928 and then stabilized before turning down again in the third quarter of 1929.
The decline in German industrial production was roughly equal to that in the United States. While some less-developed countries experienced severe depressions, others, such as Argentina and Brazil, experienced comparatively mild downturns.Our editors will review what you’ve submitted and determine whether to revise the article.Join Britannica's Publishing Partner Program and our community of experts to gain a global audience for your work!Virtually every industrialized country endured declines in wholesale prices of 30 percent or more between 19.Because of the greater flexibility of the Japanese price structure, deflation in Japan was unusually rapid in 19.Most did not experience full recovery until the late 1930s or early 1940s, however.The United States is generally thought to have fully recovered from the Great Depression by about 1939.Because of banking panics, 20 percent of banks in existence in 1930 had failed by 1933. (1) Abandonment of the gold standard and currency devaluation enabled some countries to increase their money supplies, which spurred spending, lending, and investment.(2) Fiscal expansion in the form of increased government spending on jobs and other social welfare programs, notably the New Deal in the United States, arguably stimulated production by increasing aggregate demand.Britain did not slip into severe depression, however, until early 1930, and its peak-to-trough decline in industrial production was roughly one-third that of the United States.France also experienced a relatively short downturn in the early 1930s.