1948: EUROPE'S POST WAR RECOVERY

Post-WWII Europe faced severe economic challenges, with shortages in essential resources like olive oil, freight cars, and textiles. Nations struggled to rebuild individually, leading to widespread economic stagnation. Factories closed due to lack of power and materials, causing unemployment. By 1947, Europe produced only a fraction of the needed textiles, coal, steel, and food. Without international aid, European nations risked complete economic collapse.

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