Saudi Arabia was benefiting from that revenue and was thinking about diversifying its economy away from oil. In the Middle East in 2007, oil prices - as ever the determining factor in regional economies - had been on the rise since the turn of the millennium, driven by the global economic boom. There was a sharp rise in reported suicides. The financial industry, especially in real estate, was an eternal wealth-creating machine.īy the end of 2009, stock markets had collapsed, economies around the world were in steep recession, individuals - the ones who had not gone bankrupt or lost their homes - had taken such a hit to their standards of living that many just gave up. The events of the global financial crisis (GFC) seemed at the time so utterly transformational that it was impossible to imagine anything similar happening twice in a lifetime.Īt the beginning of 2007, the world appeared on an ever-improving path, with rising economic growth, stock markets and personal living standards. What superlatives will Sorkin use when it comes to tell the story of the current crisis, which threatens to eclipse the economic damage of just over a decade ago by a multiple factor? In the current economic downturn caused by the coronavirus pandemic, the worry is that a more divided world will be unable to apply the same remedies.ĭUBAI: In his epic account of the 2008 global financial crisis, “Too Big to Fail,” Andrew Ross Sorkin wrote: “Never have I witnessed such fundamental and dramatic changes in business paradigms and the spectacular self-destruction of storied institutions.” Government intervention, not least by China, averted catastrophe, but left a legacy of soaring debt. The crisis of 2008-09 brought unprecedented change - and fear - to the world economy. 15, 2008, the collapse of the Lehman Brothers investment bank sent shock waves around the world and turned problems in the US property market into a global financial crisis.
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