The U.S. Senate has approved a $1.8 trillion stimulus package as the economy reels from shutdowns caused by the coronavirus.
The Great Depression which started in 1929 is another precedent being bandied about but given the protracted nature of that decade-long slump — in which unemployment peaked at 24.9 percent according to the Bureau of Labor Statistics — economists are not making the comparison just yet."The objective is that we actually want a recession because we want people to stop what they would normally do.
"The zero growth we now project for 2020 will mark the second-weakest year for the global economy in almost 50 years of comparable data, with only 2009, in the depths of the financial crisis, worse," the think tank said in a statement. Even with workers furloughed, economists' brows are still furrowed. As Maria Paola Rana, lecturer in economics and finance at Salford Business School, in northern England, says,"the economic challenges we are currently experiencing with COVID-19 are unprecedented.
Because the steepness of the loss in output is much bigger,"the economic downturn this year is going to be far deeper than we saw at any point in the Great Depression or the 2008 financial crisis," he told"What made the Great Depression so great was that there was a big fall in output and then it endured, for a long period of time," he said referring to successive quarters of falling output, weak recoveries, balance sheets needing repair, and ensuing government austerity...
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