Comparisons between the Great Recession and the Great Depression | Wikipedia audio article
Channel: wikipedia tts
Date: 07/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Comparisons_between_the_Great_Recession_and_the_Great_Depression


00:02:00 1 In the United States
00:09:44 2 In the United Kingdom



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SUMMARY
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Comparisons between the Great Recession and the Great Depression explores the experiences in the United States and the United Kingdom.
On April 17, 2009, head of the IMF Dominique Strauss-Kahn said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression.  "The free-fall in the global economy may be starting to abate, with a recovery emerging in 2010, but this depends crucially on the right policies being adopted today."  The IMF pointed out that unlike the Great Depression, this recession was synchronized by global integration of markets. Such synchronized recessions were explained to last longer than typical economic downturns and have slower recoveries.The chief economist of the IMF, Dr. Olivier Blanchard, stated that the percentage of workers laid off for long stints has been rising with each downturn for decades but the figures have surged this time. "Long-term unemployment is alarmingly high: in the US, half the unemployed have been out of work for over six months, something we have not seen since the Great Depression." The IMF also stated that a link between rising inequality within Western economies and deflating demand may exist. The last time that the wealth gap reached such skewed extremes was in 1928-1929.