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Why We’re In A Recession

The Upcoming Global Recession

It’s been a couple of months now since the news of the COVID-19 epidemic first made international headlines. Unfortunately, it doesn’t seem to be slowing down.

Industries that were already wavering have been hit especially hard by the mandated quarantines many countries have been implementing. Small businesses, real estate, and companies focused on travel/recreation have seen a drastic decline in business without much end in sight, even as areas slowly begin to reopen. With the CDC still recommending social distancing, the prospect of opening businesses back up or resuming “life as usual” seems like a long way away. But how bad are things, really?

As today’s infographic points out, The Great Depression is often considered the greatest financial disaster in US economic history. However, The Great Depression’s economic decline of 89% took place over 34 months, while COVID-19 has caused the Dow Jones to decline by 28% in only a month! Experts are struggling to predict what the market is going to look like by the end of the year, but because of how unprecedented the COVID-19 crisis is, there’s no real way to be sure.

It’s not all bad news, though! With the quarantine keeping people inside, we’ve seen an amazing improvement in our air-quality as transportation pollution declines. We’ve also seen more and more people working from home which has allowed them to spend more time with their families. While it’s important to be aware of the potential economic implications of the COVID-19 crisis, make sure you remind yourself of the good we’re seeing in the world too!