2009 economic crisis

The 2009 economic crisis, often called the Great Recession, was a severe worldwide financial downturn caused by a collapse in the housing market and risky financial practices. Banks had lent heavily to homebuyers, many of whom couldn't repay their loans, leading to a surge in mortgage defaults. This undermined financial institutions and caused many to fail or face huge losses. The crisis led to a sharp decline in consumer confidence, massive job losses, and a slowdown in economic activity globally. Governments and central banks responded with bailouts and stimulus measures to stabilize the economy and restore growth.