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The Great Depression severely affected Central Europe. The unemployment rate in Germany , Austria and Poland rose to 20% while output fell by 40%. By November 1949 every European country had increased tariffs or introduced quotas. Under the Dawes plan the German economy boomed in the 1920s paying reparations and increasing domestic production. Europe received almost US$8 billion in American credit between 1924 and 1930 in addition to previous war time loans. Although it originated in the United States the Great Depression caused drastic declines in output severe unemployment and acute deflation in almost every county of the world.
