1929 Great Depression is the worst recession till date where several investors literally came on to the roads, all over the world. As per IMF (International Monetary Fund), the recession that is following the Covid-19 will be more severe than the Great Depression.
In the end of 2019, IMF has predicted that around 160 member countries will show positive and growing per capita income in 2020 but now the situation turned completely upside down with 170 countries predicted to show negative numbers.
The Great Depression in 1929 left several people in jobless situation and around 25% of the people got severely impacted. But as technology improved over years, analysts are not sure on how efficiently the world will recover after this crisis. Great Depression lasted for almost 10 years but the analysts are expecting that this crisis may not last that long unless the pandemic keeps coming once in a while.
Layoffs are continuing in the Airlines and Hospitality sector. USA is on the edge of the start of the recession.