Global Financial Crisis
The Global Financial Crisis refers to a period of severe economic downturn experienced on a global scale, characterized by a collapse of financial markets, banking failures, high levels of unemployment, and a sharp decline in economic activity. This crisis, which began in 2007-2008, was triggered by a combination of factors including subprime mortgage lending, over-leveraging, and a lack of regulatory oversight in the financial sector. The repercussions of the crisis were felt worldwide, leading to widespread recession, government bailouts of financial institutions, and long-lasting effects on the global economy.
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