The Great Depression was a severe global economic downturn that lasted from 1929 to about 1939. It began in the United States with the devastating Wall Street stock market crash in October 1929, often marked by Black Thursday (October 24) and Black Tuesday (October 29). This period was characterized by high unemployment rates, poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures. The Great Depression hit bottom around 1933, when the U.S. unemployment rate reached about 25%. The economic crisis spread worldwide and affected many countries differently in timing and severity. The economy started to recover in the late 1930s and early 1940s, with the Great Depression generally considered to have ended around 1939 or with the onset of World War II. In summary:
- Duration: 1929 to about 1939
- Start: Stock market crash in October 1929
- Worst point: Around 1933
- End: Late 1930s to early 1940s
This was the longest and most severe economic downturn in modern history.
