The war was fought between the Allies and the Axis powers. Not only the two fighting sides but the entire world bore the brunt of the war. Let us observe the economic impact of WW2.
Causes of World War II :
- The biggest cause was World War II itself and its aftereffects.
- The Great Depression was a second major cause. Unemployment in Germany reached 30%.
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What was the Economic Effect of World War II :
The effects of WW2 on the economy were of great significance. It marked the beginning of a period of expansive growth for Europe and other countries. Some of the economic impacts are:
- European GDP tripled between the end of the war and the year 2000.
- The US GDP grew at least 8% annually between 1939 and 1944.
- The Marshall Plan pledged $12 billion in food, machinery, and foreign direct investment to rebuild Europe.
These are the measurable economic effects of World War 2 that we could accumulate over the years. But the psychological impact this war had on people is immeasurable. One thing everyone learnt is that not war, but peace, is the solution to survive in this world.