Answer :
Final answer:
The Great Recession was marked by a severe housing market crisis and a financial markets crisis, leading to high unemployment and falling GDP, which were partly mitigated by aggressive policy measures. The Great Depression was characterized by a significant drop in GDP, noticeable in historical records.
Explanation:
The Great Recession and the Great Depression both had profound impacts on the global economy. Major impacts of the Great Recession include the housing market crisis, where many people were forced to abandon their homes, and other buildings were left incomplete. Additionally, the financial markets experienced a significant crisis, leading to unemployment rates over 10% and a fall in GDP. Implementing aggressive fiscal and monetary policy has helped in recovering financial market stability after the Great Recession. In contrast, the Great Depression of the 1930s featured a severe drop in GDP, which is clearly illustrated when examining the historical pattern of U.S. real GDP since the 1900s.
