The Global Financial Crisis, which began in 2007 and peaked in 2008, was a severe worldwide economic downturn. It was primarily triggered by the collapse of the housing market in the United States, where risky mortgage loans were widely issued. Financial institutions, heavily invested in these loans, faced massive losses, leading to a loss of confidence in the banking system. Governments and central banks around the world intervened to stabilize their economies, implementing measures such as bailouts for failing banks and stimulus packages. The crisis resulted in significant job losses, a decline in consumer spending, and a prolonged recession in many countries, affecting millions of people globally.