History Of The Financial Crisis
Documenting a Financial Crisis
Australia and the rest of the world have experienced a number of financial crises. While we may think they have only occurred within the context of the contemporary financial systems, financial crises were recorded in the 1800s.
Some of the more significant events being reflected on now included the 1918-19 Spanish influenza pandemic, the 1929 stock market crash and the worldwide depression that followed, the economic impacts of World War II, OPEC oil issues in the early 1970s, the 1987 stock market crash, fallout from 9/11 in 2001 and the global GFC of 2008, from which many sectors never recovered.
Now in 2020, the world faces a financial crisis seemingly brought about by a health crisis. But before COVID-19 emerged into every sector of our lives in one way or another, events were already playing out in some sectors which were having an impact on the share market and influencing financial markets and economic conditions:-
With the cumulative effect of all that had happened over the past few years, the world economy was likely already feeling jaded before coronavirus came into the equation.
The financial impacts of coronavirus will be huge, that is a given. To what extent individual countries will recover faster and better than others will also vary.
With the Australian government stimulus measures announced, there is no question that we will face years to recover back to pre-COVID 19 surplus budget levels. Some businesses and individuals may never recover which will impact their children into the future.
This financial crisis, borne from a health crisis and through no fault of our own, will be defining event in world history and likely it won’t be known for some time how different our world will look, post-crises.