Great Depression Begins in 1929, Unevenly Impacts Global Economies Over Next Decade

The Great Depression began with the stock market crash of 1929 and caused declines in GDP, mass unemployment, deflation, and bank failures globally.

The depression impacted countries unevenly, with the deepest losses occurring closest to the epicenter in North America and Central/Eastern Europe.

The top 5 richest countries by 1937 GDP were the United States, the United Kingdom, Germany, China, and France, ranging from around $800 billion to $1.1 trillion.

The United States experienced a 27% GDP decline at the depth of the depression in 1932, though it remained the largest economy with $800 billion GDP in 1937.

Some countries like Japan and Spain witnessed strong recoveries by 1937, regaining or exceeding their 1929 GDP levels, while others struggled to rebound for over a decade.