The Great Depression began with a huge economic contraction in 1930 that ended in 1933. In the three years that followed, it had growth rates of 11, 9 and 13 percent, according to the Wall Street Journal.
From 1947-2007, the U.S. had an average yearly growth rate of 3.4 percent, according to the National Bureau of Economic Research. The current economic recovery from the "Great Recession" started in the latter half of 2009. But economic growth has been slower than in previous recoveries. In 2010, the economy grew at a pace of 3 percent, and in 2011, it grew at a dismal 1.7 percent. In 2012, it looks like the economic growth will be around 2 percent, according to a survey of economists conducted by Blue Chip Economic Indicators.
Compare the slow growth of this recovery to that of the early 1980s, when the economy went through a double-dip recession, as the economy experienced contractions in ’80 and ’82, according to the article. But the economy grew at a rate of 6 percent in the following two years. The deeper the recession, the bigger the recovery, according to Victor Zarnowitz, economist at the University of Chicago. But this recession hasn't followed that trend.
Click to read the entire article at the Wall Street Journal.
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