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Last year the economic crisis as a result of the Covid-19 Pandemic, was alarming worldwide, many front pages of newspapers rated it as the worst in the history of humanity, however, history shows by its % contraction that it is the fourth in the long list of global economic recessions.

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Adapted image with Canva. [Source](https://pixabay.com/es/illustrations/stock-exchange-crisis-financiera-5323147/)


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History records in the last century and a half more than a dozen economic and financial crises that affected the whole world, whose categorization is based on the economic contraction caused.
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Among the top five is the economic recession caused by the Covid-19 Pandemic last year, ranked fourth, as follows:
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<b> 1st Place (1930-1932) The Great Depression or Crisis of 1929:</b> at the height of 1929 the collapse of the New York Stock Exchange broke out, causing a contraction of 17.6% of the world economy, many countries of the world were severely affected with this financial catastrophe, the so-called "black Thursday" left many investors with nothing.

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![imagen.png](https://cdn.steemitimages.com/DQmP6QqaryKBUMo413PLKX9XDjzU75hwxt3ijwoWqshAidq/imagen.png)
[Source](https://www.bbc.com/mundo/noticias-50189619)

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<blockquote>The crowd on the street gathered in front of the New York Stock Exchange in October 1929.</blockquote>   

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<b> 2nd Place Post-war 1945-1946:</b> the economic recession as a result of world war II caused a contraction in the economy of 15.4%, affecting more than 70 countries of the world.
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After the end of World War II, this period was characterized by the fall of European empires and the economic resurgence of two major Soviet Union and the United States.

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![imagen.png](https://cdn.steemitimages.com/DQmZs96JrzPfEHWxxQwrN5Q1JgZg3bwRwKT7mHfKfRpGiGV/imagen.png)



Nazi Germany after World War II.[Source](https://historiageneral.com/2010/01/03/la-alemania-nazi-despues-de-la-segunda-guerra-mundial/)

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<b> 3rd Place Beginning of the First World War 1914:</b>the economic contraction was 6.7%, due to the financial panic caused by the bellicost confrontations.
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the London Stock Exchanges remained closed for more than five months and the U.S. market for more than four months.
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![imagen.png](https://cdn.steemitimages.com/DQmRt1T2HHVy6u41ejB9DM1QYFDULAsKL9t3SEHL8P7rmtP/imagen.png)

[Source](https://www.enlacejudio.com/2011/07/04/alemania-despues-de-la-primera-guerra-mundial/)

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<b> 4th Place pandemic by Covid-19 (2020): </b>last year the global economic contraction was in the order of 6.2%, the impact of the pandemic was beyond the obvious economic crisis that many countries are still experiencing, being affected the world population not only in the economic aspect but also in the psychological, due to the mandatory social isolation implemented by all countries as a measure to prevent contagion.
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According to the bibliographic sources consulted only China managed to reach a positive PBI last year, the rest of the countries presented alarming negative figures.
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![imagen.png](https://cdn.steemitimages.com/DQmP6my7hHvTPEFy7ng8cMWoJbTJcJGBaeFh3siS1hwbqX2/imagen.png)

Hundreds of shops closed in Argentina.[Souce](https://www.aa.com.tr/es/econom%C3%ADa/cientos-de-comercios-cerrados-el-anticipo-de-una-fuerte-crisis-econ%C3%B3mica-en-argentina/1883228)

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As can be seen, the economic contraction caused by the Covid-19 pandemic was much greater even than that generated in 2009 by the collapse of the United States housing market, which reached 2.9%, as a result of the financial crisis of 2007-2008.
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To conclude, it only remains for me to stress the importance of the economic situation that the whole world is still going through, which sometimes seems to be minimized or even given as outdated.

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#####  Sources consulted:
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1.-[Nueva Sociedad: La crisis mundial desde la perspectiva de los países en desarrollo: algunas reflexiones](https://nuso.org/articulo/la-crisis-mundial-desde-la-perspectiva-de-los-paises-en-desarrollo-algunas-reflexiones/)
2.-[BBC News: Las 14 recesiones de los últimos 150 años. Link](https://www.bbc.com/mundo/noticias-53303499)
3.-[BBC News: El Crack del 29: cómo ocurrió la peor crisis en la historia de Wall Street hace 90 años. Link](https://www.bbc.com/mundo/noticias-50189619)

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