How did the Great Financial Crisis affect the economy?

The Great Financial Crisis of 2008 was a global crisis that originated in the United States and had a profound effect on the world economy. The crisis was triggered by the collapse of the housing market, which led to widespread defaults on mortgages and a significant decline in the value of financial assets. The crisis resulted in a sharp contraction in economic activity, with high levels of unemployment, declining levels of investment, and a significant decline in consumer spending. The crisis also resulted in a bailout of the financial sector by governments around the world, which significantly increased public debt. The long-term effects of the crisis included a decline in economic growth rates, increased income inequality, and a significant loss of public confidence in the financial system.

This mind map was published on 23 May 2023 and has been viewed 64 times.