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What is Global Financial Crisis 2008-2009

Chapter 15
Handbook of Research on Impacts of International Business and Political Affairs on the Global Economy
An economic recession in 2008-2009, which began in the US financial and banking crisis, later touched on other economies countries economic system.
Published in Chapter:
Malaysia–US Bilateral Relations in the Aftermath of the 2008 Global Financial Crisis
Mas Juliana Mukhtaruddin (Universiti Utara Malaysia, Malaysia)
Copyright: © 2016 |Pages: 14
DOI: 10.4018/978-1-4666-9806-2.ch015
Abstract
Malaysia–United States relations are enormously significant. From the perspective of the US Department of State, Malaysia is a significant player at both the regional and international levels. The world financial crisis that began in the US at the end of 2007 moderately affected the Malaysian economy. While the US was at the center of the crisis, Malaysia felt its effects as one of Asia's export-reliant economies. Regarding the implications of the crisis, some tangible evidence has been evaluated. The fourth quarter of 2008 was devastating for the world's advanced economies, including the US, and Malaysia's external trade-related sectors were severely struck. The primary reason for this visible effect was a disruption in the trade demand. Against this background, this paper examines the aftermath of the world financial crisis on the relations between Kuala Lumpur and Washington, particularly on the political and economic bilateral ties.
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