Choose the above statement is true/false;
The Great Economic Depression had a severe impact on the German economy.

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Detailed Solution

The above statement is True.
As the value of the German mark dipped, prices of goods reached an all-time high. This crisis came to be called hyperinflation. It was through the US intervention with the introduction of the Dawes Plan that Americans slightly eased the financial burden on Germany. German industrial recovery and investments were dependent on short-term loans from the US. However, when the Wall Exchange Street crashed in 1929, the US had to withdraw its financial support. The Great Economic Depression had begun by then. Between 1929 and 1932, the national income of Americans was reduced by half. Exports fell, farmers suffered losses, factories shut down, and speculators withdrew their shares from the market. The US economy suffered a setback, but every country felt the effects worldwide. However, the brunt of the financial crisis weighed heavily down on the German economy.

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