The longest recession in history is generally considered to be the Great Depression, which lasted from 1929 to 1939. This was a global economic crisis that was characterised by widespread unemployment, falling prices, and a sharp contraction in economic activity.
The Great Depression began with the stock market crash of 1929, which sent shockwaves through the financial markets and led to a sharp decline in economic activity. As businesses struggled to survive, unemployment levels soared, reaching a peak of around 25% in 1933.
The Great Depression had a profound impact on the global economy, with many countries experiencing a sharp decline in industrial output and trade. It also had major social and political consequences, leading to the rise of authoritarian regimes and the outbreak of World War II.
Despite its devastating effects, the Great Depression ultimately ended with the onset of World War II, which led to a sharp increase in government spending and a resurgence of economic activity. However, the recovery was uneven and many countries were left with a legacy of high debt and economic instability.