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What is the global financial crisis and its impact on the global economy

Published 02/05/2023, 09:00 AM
Updated 02/06/2023, 10:40 AM

When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks.

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