The past weeks have seen lots of talk about economic predictions. The spread of COVID-19 has influenced the financial world and economists are analyzing the scenarios ahead of us. Although the crisis has made a lot of people worry, this isn’t anything new in the global picture. The past century has seen several major financial crises come and go, today we present four of these to you in the form of an infographic.
Major Financial Crises Past Century
The Great Depression
The worst financial disaster of the 20th century began in 1929 and lasted for roughly 10 years. The Great Depression was allegedly triggered by the crash of Wall Street and led to massive losses and a record unemployment rate of 25% in the US.
OPEC Oil Price Shock
1973 saw tense relations between OPEC member states and the US, which resulted in OPEC declaring an oil embargo to US and its allies. The 1973 oil crisis led to considerable oil shortages, a very high inflation and economic stagnation.
The crash of 1999 was preceded by a bull rush into technology and internet related stocks. The economy slowed down by 2000, interest rates spiked and diluted the funds that held up these companies. The Dot-Com bubble meant liquidation for many Internet Companies.
The Great Recession
Triggered by the collapse of the housing bubble in the US and the subsequent financial crisis – one of the most severe global recessions started in 2007. The Great Recession brought key financial institutions on the verge of collapse and took a decade for recovery.
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