What is the global financial crisis and its impact on the global economy
The global financial crisis led to a global banking crisis, a credit market freeze, and a significant contraction in global economic activity. 
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction: What is the global financial crisis and its impact on the global economy

### Response: The global financial crisis led to a global banking crisis, a credit market freeze, and a significant contraction in global economic activity. 