The phrase “global financial crisis” usually refers to the crisis that unfolded between 2007 and 2009 , with its most dramatic phase in 2008.

Core timeline

  • Financial stresses began showing up in mid‑2007 , as problems in the U.S. subprime mortgage market started to hit global banks.
  • The crisis is most often dated as the “financial crisis of 2007–08” , peaking with major events like the collapse of Lehman Brothers in September 2008.
  • The broader economic fallout, often called the Great Recession , ran from late 2007 to mid‑2009 in many advanced economies.

Quick Scoop: what people mean by “when”

When someone asks “when was the global financial crisis” , they are usually asking about:

  • Crisis years: 2007–2008 for the financial shock itself.
  • Economic downturn: 2007–2009 for the global recession that followed.

So a concise answer is: the global financial crisis took place roughly from 2007 to 2009, with the most intense financial turmoil in 2008.

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