This recession is definitely going to be worse than the Great Recession (2008-2013). There is far more debt and major nation-states have pushed the boom far longer than normal. It's normally 7-11 years from crash-to-crash, but this time it's been about 14 years since the last crash (2008-2023).
What we don't know is if this will be comparable to the Great Depression. For China, it will, because the Chinese state expanded it's debt in order to avoid the effects of the 2008 crash. Now, they will have to deal with the crash they kicked-down-the-road and this new crash at the same time.
This recession is definitely going to be worse than the Great Recession (2008-2013). There is far more debt and major nation-states have pushed the boom far longer than normal. It's normally 7-11 years from crash-to-crash, but this time it's been about 14 years since the last crash (2008-2023).
What we don't know is if this will be comparable to the Great Depression. For China, it will, because the Chinese state expanded it's debt in order to avoid the effects of the 2008 crash. Now, they will have to deal with the crash they kicked-down-the-road and this new crash at the same time.