COVID-19 pandemic has hit economy harder than the Great Depression

Businesses and jobs will be permanently lost due to the coronavirus pandemic, which has caused a faster economic shock than the Great Depression.

Closing down sign Source: Getty Image

The impact of the coronavirus on the Australian economy is anticipated to see unemployment peak at 10 per cent, with some businesses expected to go under.

While the jobless rate during the Great Depression was higher than current figures, it steadily rose over the course of years, rather than months.

 

You can keep up to date with the latest developments about the corona virus in your language at sbs.com.au/coronavirus

 

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