Most Severe Recessions in History
USA Great Depression (1929-33): GDP -27%, unemployment ~25%. The worst ever.
USA Great Recession (2007-09): GDP -4.3%, longest downturn since WWII.
Russia (1990s): GDP collapsed 40-45% after USSR breakup.
Argentina (1998-2002): GDP -28% peak to trough. Unemployment hit 24%.
Greece (2008-2013): Cumulative GDP -25%+, unemployment peaked at 27.5%.
Ukraine (2009): GDP -15% in a single year.
Finland (1990-93): GDP -11 to -13%.
Spain (2008-2013): GDP -9%, unemployment peaked above 26%.
Germany (1930s): -16% in the early 1930s Depression.
Japan (1990s): No single crash – a decade of near-zero growth and deflation after the bubble burst.
Venezuela (2013-2021): GDP collapsed ~75-80%.
Latvia (2008-2010): GDP -24%.
Indonesia (1997-98): GDP -13%.
Cuba “Special Period” (1990s): GDP -35% after Soviet subsidies vanished overnight.
Global 2009: Deepest synchronized recession since WWII.
Sources: IMF, World Bank, national statistics offices
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