Sailing Through the Stormy Waters: Top 7 Economic Crises Sparked by Skyrocketing Interest Rates

The Global Financial Crisis (2008)

In 2008, the world was hit by the most severe financial crisis since the Great Depression. This crisis was triggered by a collapse in the US subprime mortgage market, which was closely linked to the Federal Reserve's decision to raise interest rates. The crisis quickly spread to other economies, leading to a global recession. The aftermath of this crisis is still being felt today, with many countries experiencing slow economic recovery and ongoing financial instability.