The Great Depression vs. the coronavirus recession: here are 3 metrics that will determine how much worse it can get by theothersarahh
In 1930, U.S. gross domestic product—the value of all the goods and services the country produces—as the economy contracted; it lost another 6.4% in 1931, and yet another 12.9% in 1932.Next quarter, Bullard predicts a 50% drop in GDP as a result of the outbreak.
have also been bleak, if slightly less dire than Bullard’s: last week, Goldman Sachs forecast a 24% drop next quarter, while JPMorgan estimated 14%.—that would be the worst quarterly performance in 74 years, according to Politico. It took the United States more than three years to recover after the devastating stock market crash of 1929.
During the depths of the Great Depression, in 1931, the Dow Jones Industrial Average lost a little over 30% over the course of one month, according to data from Morningstar Direct. According to Bespoke Investment Group, the S&P’s 34% decline over the last month is the steepest market drop in that period of time since 1931 . . “We’re about to see dizzying decline in economic activity,” he said. “There’s no analogue to it in the modern era.” The U.S.
would provide stimulus checks directly to taxpayers, delay the federal income tax deadline, and provide assistance to small businesses.
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