The Financial Crisis is an event ten years ago which took the whole country into negative figures in terms of money.
Today this affects us, even though this was a decade ago.
An example of how this affects us today is the amount of money we spend daily, weekly and yearly. Before the financial crisis, people were spending an average of £208 billion globaly every year ( including the government who recieve money from taxes). During the crisis this dropped to a mere £198 billion globaly (this is so shocking as the population significantly rose in this time). Now, 10 years after the Financial crisis, we spend £219 billion globaly each year. Although this may seem like an improvement from before the crisis, the population before was 6 billion, while today it is 7.7 billion people. If you take this into account, the average spending should be £268 billion globaly each year, the economy is currently £39 billion behind of what it would have been if the Financial Crisis did not happen.
At the year 2000, the average earning was £45,000 globaly, while today it is still the same. One would have thought that the economy should have risen in 19 years but due to the Financial Crisis, we are still earning the same today as a global average despite having over 1 billion more people in the world. This is so shocking as the Financial Crisis happened in Britain and it still effects the global economy. In the UK, you will be able to easily see that the average earning is not £45,000, the global average today, and instead is £26,500 , a few thousand over half the average. This is a clear difference to places where the Financial Crisis did not affect as much. However, the global average has been immencely increased due to places like USA (United States of America), the UAE (the United Arab Emirates), and Japan. If these were not included then the global average would drop down to £35,000 , which is closer to our average but still eight and a half thousand pounds above.
Both the world and the UK are still in the recovery period and have miraculously recovered around a third of the way. Experts vary onn when we will fully recover but factors like disliked presidents/ priministers and Brexit might prolongue the time it will take to recover.
- www.worldometers.info/ ( populations and global averages)
- https://www.ourworldindata.org/public-spending ( global spendings)
- Google (to change dollars to pounds, and other currency to pounds)