A more severe recession hit the United States in 1920 and 1921, when the global economy fell very sharply.
[2] In Germany, the economic recession and inflation was harder due to the imposition of the Treaty of Versailles.
Britain initially enjoyed an economic boom between 1919–1920, as private capital pent-up over 5 years of war was invested into the economy.
Many businesses were shuttered during the worst of the outbreak and the sheer numbers killed reduced the workforce population significantly.
[4] Work by economists Robert Barro and Jose Ursua suggests that the flu was responsible for declines in gross domestic product of 6 to 8 percent worldwide between 1919 and 1921.