The global financial crisis of 27-29, also known as the world financial crisis, subprime mortgage crisis and credit crisis, was named financial tsunami and Wall Street tsunami in 28, which began to emerge on August 9, 27. Since the subprime mortgage crisis broke out, investors began to lose confidence in the value of mortgage securities, which triggered a liquidity crisis. Even if many central banks injected huge amounts of money into the financial market many times, they could not stop the outbreak of this financial crisis. Until September 9, 28, the financial crisis began to get out of control, which led to the closure or takeover of many quite large financial institutions by the government.

At the end of 28, many countries took measures to rescue the market:

1. China

China's gross domestic product fell to the lowest level in five years. In the case of weak global demand, manufacturing exports slowed down and large-scale layoffs occurred in factories. China has launched a huge economic stimulus plan of RMB 4 trillion, which is mainly used to stimulate the property market, infrastructure construction and social projects, including tax reduction measures for struggling exporters.

2, Britain

Both the British Prime Minister and the Finance Minister believe that the British economy may have fallen into recession. The pound fell to its lowest level in six years, and retail sales fell for the first time in four years. A $63 billion bail-out plan has provided some help to the banking industry.

3, the United States

In some parts of the United States, house prices have plummeted by 4%. Since the credit crisis in August 27, nearly one million families have been repossessed by banks because they are unable to repay their loans. The US government injected nearly $3 trillion in liquidity into the financial system. Following the launch of the $168 billion stimulus plan in February, the second financial rescue plan in the United States may be introduced.

4.

The drop in the export prices of Russian natural gas and oil and investors' worries about Russia's military takeover of Georgia caused the stock market to plummet. Because Russia's foreign debt exceeds the national assets, Russian banks have been hit particularly hard in this credit crisis. Russia's central bank has provided 5 billion US dollars in loans to financial institutions, and its finance minister has indicated that it will provide more funds.

5, Saudi Arabia

OPEC's October production cut hit Saudi Arabia hardest, and the country said it could not afford further production cuts. The decline in oil prices has hindered the country's economic development and made it impossible for some of its public construction projects to continue. At the same time, the cost of food and housing in Saudi Arabia is also rising sharply.

6. The price of precious metals in South Africa

fell, which hurt South Africa's exports of metals such as gold and platinum. Local food and electricity prices soared, causing serious inflation. In March, the unemployment rate in South Africa reached the lowest level in seven years, but with the economic slowdown, the unemployment rate is rising.

7, Iceland

In the global financial crisis, Iceland, a small country, almost fell into complete economic collapse. In October, Iceland's stock market plunged and the central bank closed down. In the past six months, the Icelandic krona has depreciated by nearly 5% against the US dollar. The International Monetary Fund has provided Iceland with $2.1 billion in aid, but she still needs more than $4 billion.

8. Indian

Consumers' demand for gold usually increases sharply during Diwali in India, but it has dropped by 2% at present, which indicates that trouble is coming. In 28, India's foreign debt expanded to 3.6% of its GDP. In October, the Bank of India lent $37.4 billion to financial institutions.

9, Japan

In October, Japan's stock market hit a 26-year low, and the government cut interest rates for the first time in seven years. Japan has also launched a $275 billion stimulus package, including loans to small and medium-sized enterprises and cash returns to owners.

1, Brazil

Brazil's economy is very dependent on oil, and the sharp drop in crude oil prices has dealt a great blow to this country. Brazil's stock market also suffered huge losses due to the drag of the country's oil giant Petrobras. The Brazilian currency, the Lille, depreciated by 35%.

11, Germany

Germany, Europe's largest economy, fell into recession in the third quarter, with GDP falling by .5%. Officials don't expect the German economy to grow in 29. The consumer confidence index dropped to a negative value of -53.5, while its historical average was 27.1. The German government will launch a 642 billion plan to save the banking system.