GFC stands for the Global Financial Crisis, which was a severe worldwide economic crisis that occurred in 2008. It was triggered by the collapse of the housing market in the United States and the subsequent failure of major financial institutions. The crisis had far-reaching effects on the global economy, leading to a significant increase in unemployment, bankruptcies, and a decline in consumer spending. Governments and central banks around the world implemented various measures, such as bailouts and fiscal stimulus, to stabilize the financial system and stimulate economic growth. The effects of the GFC were felt for many years, and it served as a catalyst for regulatory reforms in the financial sector.
