Economic crises are an inevitable part of the global economy. Sooner or later, there will be something that will be the cause of the disruption of the global economy. We are witnessing a financial crisis right now, due to the coronavirus pandemic.
However, economic crises have been around for a long time. History is evident that the economic crises have been happening for ages – for one reason or another. Economic crashes cause unprecedented chaos in the world, and they were more frequent in the past than they are now. Probably because of the financial instability that was a major part of history. It is today, with modern technology, that we can withstand such crises.
An economic disaster happens due to some unforeseen circumstances or unpredictable events that occur, which results in downfall in the world. According to analysts and keeping the COVID-19 situation in mind, it is estimated that we are on the brink of recession. Predictions say that by the end of 2021, we are going to witness a period of recession.
However, the economy has bounced back from time to time whenever it has seen a recession. From Black Tuesday to Black Monday, from The Great Recession to The Great Depression, humanity has made through it.
On the theme of being on the brink of a financial crisis, let us take a look at 10 of the biggest economic crashes of the past.
Infographic by: infographicdesignteam.com