Great Depression II? Not Even Close.

According to the most recent (May 15, 2009) Philadelphia Federal Reserve Survey of Professional Forecasters, annual real GDP will decline by -2.8% this year and then increase next year by +2%. Assuming that is the case, the -2.8% decline in annual real GDP in 2009 during this recession won’t be anything close to the -25.6% cumulative decline in real GDP from 1930 to 1932.

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