
Financial crisis of 2007-2008
The financial crisis of 2007-2008 was a major global financial crisis that had far-reaching consequences for the world economy. The crisis was triggered by a combination of factors, including the collapse of the subprime mortgage market, excessive risk-taking by banks and financial institutions, and the interconnectedness of global financial markets. The crisis had a devastating impact on millions of people around the world, causing widespread job losses, economic hardship, and a significant decline in economic growth.