Countries that suffered greatly during the financial crisis 2008:

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There are 4 countries that I think suffered badly during the financial crisis 2008.

Pakistan:

Some people believe that Pakistan have had a devastating 30% increase in malnourished children since the 2008 financial crisis (I am not quite sure how reliable this is). Food prices have soared and Families who were already struggling now consume worse food, have to eat less frequently, and have been forced to pull their children out of school to send them to work to raise enough money to live. I think that this is absolutely appalling because every child has a right to an education. The financial crisis has obviously affected Pakistan greatly.

Ireland:

As of September 2008, Ireland has officially been in a recession. The property bubble has burst, construction has ground to a halt, and unemployment figures are the highest since records began in 1967, with no evident slow in decline. Many immigrant workers are heading home and the Irish are once again forced to look for work overseas, as they have done so many times before. The financial crisis has obviously greatly affected the Irish, but how and where would the Irish go if everywhere is in the same situation.

The United Kingdom:

The UK is still greatly affected by the financial crisis and still is today it is now incredibly difficult for UK residents to get any form of credit, including mortgages. Banks are increasing fees in an effort to recoup some of their losses, and unemployment is at its highest since the 1980s. The UK’s prices for houses have also increased dramatically making it increasingly difficult for young people to get a house of their own.

Iceland:

People knew there was something really wrong when it was revealed that Iceland was bankrupt. A national government reporting bankruptcy is not something you hear every day, and it made the impact of the financial situation hit home. Iceland found it impossible to pay back its external debts. It basically devalued its currency, the krona, which led to the country not being able to afford any imports. What was more alarming, Iceland had become a major financial intermediary, with many corporate and personal bankers securing funds in accounts abroad--accounts that effectively disappeared in the bankruptcy, leaving many businesses in limbo.

Overall I think that these are just a few of the countries which were affected and it is evident that lots of countries where struggling and that some countries lost everything: all value. The world is still recovering from the financial crisis. And I am not sure if we can make it through another one on this scale in the close future.

I got my sources from google, wikipedia and a website called two pennies earned. I have tried to check most of the facts.

Comments (3)

  • Tiff-Avatar.jpg Tiff @ the BNC 13 Nov 2018

    Thanks for the post, it's great to think about the impact of the crisis globally.

    Why do you think it's important to consider other countries affected, not just the UK?

    Reply to this comment
  • Ormiston-Bushfield-logo-250x250.jpg trusting_politics
    Ormiston Bushfield Academy 27 Nov 2018

    Hi Tiff,
    I think that it is just as important to consider other countries and not just our own for one main reason. This reason is that you can analyse and take into consideration what other countries did right and what they did wrong. For example if the USA were not affected by the financial crisis (it actually was) then it would be useful for other countries to look at why they were affected and what they could do to stop this happening again. Also the countries that did not get hit with the financial crisis could look at why the other countries were affected and why they were not.This could help them to know what they are doing right.

    I think that people forget about certain countries especially the poorer ones that were hit by the financial crisis. This is disgraceful I think because we are not just separate countries but we need to be one united world and help each other through these things which not many countries did last time. This could help all countries in the future.

    Reply to this comment
  • Tiff-Avatar.jpg Tiff @ the BNC 27 Nov 2018 in reply to trusting_politics's comment

    Learning from the problems and successes in other countries is a really good reason for observing what is going on in the world.

    Does something that works for one country always work for another? What might nations need to be careful of and consider before doing the same as other countries?

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