Abstract
The global crisis represents a worldwide economic downturn that started with the financial crash of the US housing market. The price of housing reached unprecedented heights in 2005 then all of a sudden started crashing in 2006 (Perkins, 2009). The collapse was accompanied by deterioration in other sectors of the US economy. In a matter of months the financial breakdown spread throughout the entire US economy. Due to the interrelated and interdependent functioning of the world economy, within a year the crisis impacted to varying degrees the national economies of all countries around the globe (Krugman, 2009). The effect of the global crisis started to appear in the macroeconomic indicators of most countries, reaching its across-the-board climax soon afterwards.
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