Answer:
The current global crisis is the most severe financial crisis since the Great Depression, and the IMF now predicts that 2009 will have the deepest global downturn in the post-World War II era. Such parallels invite comparisons with the Great Depression. In doing so, it is useful to distinguish between sets, initial conditions, transmission, and policy responses. The official unemployment rate hit 14.7% in April, its highest since the Great Depression when it exceeded 25%. The actual figure today may be closer to, or even above, 20%. A “depression” label could be appropriate if the unemployment rate exceeds 20% for a long period of time. Economists think that’s unlikely.
Explanation:
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