Kathmandu. For many years, the United States, the world’s largest economy, has been facing recession fears. However, the probability of a recession this year has now dropped to just 6 percent. Which is the lowest so far.
Do you know which country has faced the worst recession in the world? The answer is ‘Venezuela’. The South American country experienced a recession from 2013 to 2021. During which time it lost 75 to 80 percent of the country’s GDP. Interestingly, the country also has the world’s largest oil reserves.
Syria suffered a recession from 2011 to 2016. During which 63 percent of the country’s GDP was lost.
Zimbabwe suffered a recession from 2000 to 2008 and lost 50% of its GDP in these eight years.
In the 1990s, Russia also experienced an economic downturn. As a result, its economy shrank by 40 to 45 percent.
Like Russia, Cuba suffered an economic downturn in the 1990s. Its GDP fell by 35 percent.
Argentina, once one of the richest countries in the world, was in the grip of a severe recession from 1998 to 2002 and has yet to fully recover. In four years, its economy suffered a 28 percent deficit.
The U.S. economy was in the grip of a recession from 1929 to 1933. It’s called the Great Depression. During this period, US GDP fell by 28 percent.
The economies of Greece, Latvia, Germany, Ukraine, Indonesia, Finland, Spain and Japan also experienced severe recessions. In the 1990s, Japan’s economy was so weak that its growth came to zero for many years. –Agency
