The social and economic impact of the Great Depression was widespread and devastating. Millions of people lost their jobs and their savings, and many businesses went bankrupt. The crisis led to widespread poverty, hunger, and homelessness, and people had to rely on government relief programs or charity to survive.

The Great Depression had a profound impact on global politics, particularly in Europe, where it helped to fuel the rise of authoritarian regimes, including fascism in Italy and Nazism in Germany.

The Great Depression ended in the late 1930s with the start of World War II, which led to a massive increase in government spending and a revival of the global economy. The lessons learned from the Great Depression continue to shape economic policies around the world.

Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession.^[3] Some economies started to recover by the mid-1930s. However, in many countries,^[specify] the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and in some countries rose as high as 33%.^[4]

Cities around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%.^[5][6][7] Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered the most.^[8]