Regarded as the most severe shock since the Great Depression of the 1930s, the impact has been felt across the global financial system, and is expected to result in a major downturn in the world economy. •  Intensifying solvency concerns have badly shaken confidence, pushing the global financial system to the brink of meltdown, leading to emergency resolutions in the major advanced economies.
Stock markets across the globe have fallen significantly and money and credit markets have frozen, causing severe stress in financial systems and resulting in the failure of several large financial institutions in the United States and Europe. The financial crisis together with high energy and commodity prices is pushing many countries, including the most advanced economies, to the brink of economic recession.