But one country arguably suffered more than any other: Canada. By the time its economy reached bottom in 1932, Canada had suffered a staggering decline of 34.8 percent in per-capita gross domestic product. No other developed nation was as hard-hit.
Among the countries hardest hit by bank failures and volatile financial markets were Austria, Germany, and Hungary. These widespread banking crises could have been the result of poor regulation and other local factors or of simple contagion from one country to another.
The Depression hit hardest those nations that were most deeply indebted to the United States , i.e., Germany and Great Britain . In Germany , unemployment rose sharply beginning in late 1929 and by early 1932 it had reached 6 million workers, or 25 percent of the work force.
The Great Depression that began at the end of the 1920s was a worldwide phenomenon. By 1928, Germany, Brazil, and the economies of Southeast Asia were depressed. By early 1929, the economies of Poland, Argentina, and Canada were contracting, and the U.S. economy followed in the middle of 1929.
1929–1941. The longest and deepest downturn in the history of the United States and the modern industrial economy lasted more than a decade, beginning in 1929 and ending during World War II in 1941. “Regarding the Great Depression, … we did it.
In Japan, militarists seized control of the government during the 1930s. In an effort to relieve the Depression, Japanese military officers conquered Manchuria, a region rich in raw materials, and coastal China in 1937. A third response to the Depression was totalitarian communism.
In a short period of time, world output and standards of living dropped precipitously. As much as one-fourth of the labour force in industrialized countries was unable to find work in the early 1930s. While conditions began to improve by the mid-1930s, total recovery was not accomplished until the end of the decade.
Thus, the Japanese economy suffered debilitating effects from two sources, the impact of the worldwide depression and the appreciation of the yen associated with the return to the gold standard. The consequences, economically, were abrupt deflation and a severe contraction of economic activities in 1930 and 1931.
The problems of the Great Depression affected virtually every group of Americans. No group was harder hit than African Americans, however. By 1932, approximately half of African Americans were out of work.
White collar jobs fared better than blue collar jobs and those lucky enough to work for a city, county, state, or at one of the military facilities generally held on to jobs. Farm families were mostly well positioned (see "Kitsap County").
The Prairie Provinces and Western Canada were the hardest-hit. In the rural areas of the prairies, two thirds of the population were on relief. The region fully recovered after 1939.
The Carnegie Endowment for International Peace reports in its International Economics Bulletin that Ukraine, as well as Argentina and Jamaica, are the countries most deeply affected by the crisis. Other severely affected countries are Ireland, Russia, Mexico, Hungary, the Baltic states.
Almost two-thirds of chief economists believe a global recession is likely in 2023; of which 18% consider it extremely likely – more than twice as many as in the previous survey conducted in September 2022. A third of respondents consider a global recession to be unlikely this year.
Australia's recovery during the 1930s was led by the manufacturing sector. Federation in 1901 had granted only limited power to the federal government. For example, income taxes were collected by the State governments.
After the fall of France in June 1940, the United States increasingly committed itself to the fight against fascism. Ironically, it was World War II, which had arisen in part out of the Great Depression, that finally pulled the United States out of its decade-long economic crisis.
At the height of the Depression in 1933, 24.9% of the nation's total work force, 12,830,000 people, were unemployed. Wage income for workers who were lucky enough to have kept their jobs fell 42.5% between 1929 and 1933. It was the worst economic disaster in American history.
A more likely reason is Japan's medical tradition, in which depression has been regarded as primarily physical rather than a combination of physical and psychological. Depression in Japan was hardly diagnosed, and treatments for symptoms of depression in Japan were often to use rest or exercise.
--Monetary expansion and low interest rates. Thanks to this policy turnaround, the Japanese economy began to recover in 1932 and expanded relatively strongly until 1936 (the last year of non-wartime economy). Among major countries, Japan was the first to overcome the global depression of the 1930s.
USSR was able to escape the effect of the Depression because it was not integrated with the international market. Secondly, it had a planned economy in which the state decided what has to be produced and how much. This helped them to maintain a balance between demand and supply.
World Health Organization global study
The United States, Colombia, the Netherlands and Ukraine tended to have higher prevalence estimates across most classes of disorder, while Nigeria, Shanghai and Italy were consistently low, and prevalence was lower in Asian countries in general.
Sociologists who measure anxiety levels of entire nations have concluded that the US is, by far, the most anxious nation on Earth. About one in three Americans can be expected to suffer anxiety at some point in their lifetime, compared with one in four Colombians, who occupy the second world-anxiety slot.