Summary
READ THE TITLE AGAIN. IT'S NOT THE GREAT Depression. It is still a recession but on a larger scale, perhaps. With the ongoing global financial crisis spreading from the G3 countries - the United States, Eurozone and Japan - to other parts of the world, even the most optimistic economist begins to wonder how things would look like next year.
The global economy is indeed going through its most difficult period since the Great Depression in the 1930s. Big businesses are collapsing in the US as financing dries up. Banks are hoarding money in fear of rising bad loans. Consumers are tightening their purse strings as the job market wobbles.See the full content of this document
Extract
The Great Recession
Statistics do not look too encouraging at this juncture. The US economy had lost more than 500,000 jobs in the last two months. The number of workers on jobless benefits hit a 26-year high in November. The unemployment rate shot up to 6.5% and is expected to hit 8% by next year as manufacturing and services are hit b...
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