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The 2008 financial crisis was a crisis in U.S history which cost average Americans billions of dollars. The crisis was the most serious crisis that had occurred since the great depression which occurred in the late 1920s to the late 1930s. The 2008 financial crisis had caused high inflation rates with low GDP growth rate but what did it compared to the COVID-19 pandemic semi-economic crisis.
According to this graph the GDP growth rate in the peak year of COVID was lower than what it was while in the 2008 economic crisis. The chart also indicates that inflation rate it was going higher than the 2008 crisis. We currently are in 2022 and this chart was just in 2021 and the inflation rate is growing higher and higher even than the 2021 inflation rate.
2008 Economy crisis causes 12.8 trillion dollars’ worth of damages to the economy
COVID-19 estimated to cost Americans 16 trillion dollars study
Inflation rate 2008 crisis caused: double expected inflations from than what the Federal Reserve had anticipated.
The effects of COVID-19 are still yet to end as North Korea is confirming new cases in the countries capital Pyongyang.