Write the two impacts of economics depression?
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The economy shrank 50 percent in the first five years of the depression. In 1929, economic output was $105 billion, as measured by gross domestic product. That's the equivalent of $1.057 trillion today.
The economy began shrinking in August. By the end of the year, 650 banks had failed. In 1930, the economy shrank another 8.5 percent. GDP fell another 6.5 percent in 1931 and 12.0 percent in 1932. By 1933, the country had suffered five years of economic contraction. It only produced $57 billion, half what it produced in 1929. That was partly because of deflation. Prices fell 10 percent per year.
New Deal spending boosted GDP growth 10.8 percent in 1934. It grew another 8.9 percent in 1935, a whopping 12.9 percent in 1936, and 5.1 percent in 1937.
The economy began shrinking in August. By the end of the year, 650 banks had failed. In 1930, the economy shrank another 8.5 percent. GDP fell another 6.5 percent in 1931 and 12.0 percent in 1932. By 1933, the country had suffered five years of economic contraction. It only produced $57 billion, half what it produced in 1929. That was partly because of deflation. Prices fell 10 percent per year.
New Deal spending boosted GDP growth 10.8 percent in 1934. It grew another 8.9 percent in 1935, a whopping 12.9 percent in 1936, and 5.1 percent in 1937.
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