2008

In 2008, the world faced a significant financial crisis, often called the Great Recession. It began in the United States due to problems in the housing market, where many loans were given to borrowers who couldn't afford them. As housing prices dropped, banks lost money, leading to a collapse in confidence. Major financial institutions failed or needed bailouts, resulting in widespread economic turmoil. Unemployment rose, and governments implemented stimulus packages to stabilize economies. The crisis highlighted the risks in financial systems and led to regulatory changes aimed at preventing future occurrences.